Social Security recipients could see an increase in their benefits, if a new bill proposed in Congress gets passed and signed into law

Increase your income: The maximum taxable earnings limit, or wage cap, is the highest income subject to Social Security taxes. The closer you can get to this limit, the higher your benefit will be. While it changes from year to year to account for inflation, it's $168,600 per year in 2024.

The increase is due to the rise in the consumer price index, a measurement of the average change over time in the prices paid by urban consumers for a market basket of goods and services, according to the U.S. Bureau of Labor Statistics.

Rep. Ruben Gallego introduced a bill that could change the way the annual cost-of-living adjustment to Social Security benefits is calculated.

When working and claiming Social Security, the government withholds $1 from your checks for every $2 you earn over $22,320 in 2024 if you'll be under your FRA all year. If you'll reach your FRA in 2024, you only lose $1 for every $3 you earn over $59,520, assuming you earn this much before your birthday. This is known as the earnings test.

Using a different index to measure Social Security’s cost-of-living adjustment could better reflect senior spending