Social Security's high earners will get almost $5,000 a month in 2024. Here's how they got there.

Social Security recipients could face some big changes in 2024, thanks to inflation and tax-related adjustments that will impact everything from monthly benefits to how much recipients owe in taxes. For one, the top benefit in 2024 will approach $5,000 per month. 

The old-age and disability program provides monthly payments to more than 70 million people, ranging from children to retirees. Those benefits are credited with keeping millions of Americans from slipping into poverty, with monthly checks adjusted each year to keep up with inflation. In 2024, benefits will increase by 3.2%.

Many of the changes in 2024 are related to cost-of-living adjustments which will not only boost recipients' monthly income, but potentially subject more of their earnings to taxes, experts say. That can be a surprise to some Social Security beneficiaries who mistakenly believe their checks are tax-free.