Social Security 2024 Increase Percent. Nationwide retirement institute reports that 66% of surveyed adults incorrectly agreed with this. Most workers pay 6.2% of their income, which means the maximum tax burden is $10,918.20.

Projections show the social security fund will run out of money in 2038 and, if no action is taken before then, beneficiaries would see a 27 percent cut in. That adds about $50 monthly to the average retirement benefit consumers.