On Friday, October 13 Social Security Administration increases were announced as follows:
1) The 2018 maximum wage base subject to the 6.2% Social Security tax would increase to $128,700 up from the 2017 amount of $127,200. (A subsequent update on 11/27/2017 changed the amount to $128,400.)
2) Social Security beneficiaries will get a 2% increase in benefits.
For more details read the Social Security Announces 2.0 Percent Benefit Increase for 2018 press release.
Please contact us if you need assistance or have questions about how these changes might affect you.