2024 Social Security Wage Limit Increase. This year, more than 71 million social. At the federal level, for 2025, the maximum amount of earnings subject to the social security tax — also known as the social security taxable wage base — will increase to.

Social security pays benefits to roughly 68 million americans, and as of august 2024, the average retired worker collected about $1,920 per month or around $23,000 per year. Certain rules that reduce pensioners’ social security benefits have been in place for decades.