Social Security Deduction For 2024. For 2024, the social security tax limit is $168,600. In 2024, retirees receiving social security benefits will be able to earn $59,520 in the year they reach full retirement age before their benefits are reduced by $1 for every $3 in.
If you will reach fra in 2024, social security withholds $1 in benefits for every $3 in earnings above $59,520 (up from $56,520 in 2023) until the month when you hit the milestone. If you are already receiving benefits or if you want to change or stop your withholding,.