Cost Of Living 2024 Social Security Increase 2024. In 2024, workers pay social security taxes on up to $168,600 in earnings in the year. W e will not know if there will be a cola for 2025, or the amount of the cola, until late october when the department of labor releases information on inflation.
How much is the increase: In 2024, the annual increase to social security benefits (cola) will be 3.2%.