Social Security Contribution Limit 2024 Over 55

Social Security Contribution Limit 2024 Over 55. So, if you earned more than $160,200 this last year, you didn't have to pay the social security. The commissioner of internal revenue announced the 2024 dollar limitations for benefits and contributions that apply to retirement plans.

This limit changes each year with changes in the national average wage index. If you’re 55 or over, you may be able to make a downsizer superannuation contribution to boost your retirement savings by up to $300,000.