Social Security Max 2024 Benefit Increase. To claim the largest social security benefit, you have to pay the maximum amount of social security taxes for at least 35 years. The highest social security retirement benefit for an individual starting benefits in 2024 is $4,873 per month, according to the social security administration.

Unlike the tax rate which has been at 6.2% for employees since 1990, the tax limit, also known as the taxable maximum, changes every year. In 2024, the annual increase to social security benefits (cola) will be 3.2%.