What Is The Cap On Social Security 2024. During the first half of 2024, the maximum amount that social security paid to any senior retiree was $29,238 from january to june. The maximum benefit exists because there is a cap on the wages subject to social security tax.
The social security administration (ssa) announced that the maximum earnings subject to social security (oasdi) tax will increase from $160,200 to $168,600 in 2024 (an increase of $8,400). Next year, the wage cap for social security is likely to go up again.