Social Security’s 2018 payroll tax cap and earnings limits going up
Along with announcing that beneficiaries will see a 2% COLA increase in their benefit for 2018, the Social Security Administration also released news for those still working that the payroll tax maximum amount is going up to $128,700 (from $127,200) and that the earnings limit - the amount you can earn without suffering a cut in your benefits - will also be rising a small amount. The rise in the payroll tax cap means that, for higher earners, FICA taxes will be withheld on more of their pay. And raising the earnings limit means that Social Security recipients who are still working can earn a little bit more without it affecting their benefits. In his online “blog”, Social Security’s Acting Deputy Commissioner for Communications Jim Borland explains both the 2018 COLA increase and the changes to the payroll tax cap and earnings limits. Click here to read more.
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Those who draw SS seem to be last to be considered for COLA increases, have little flexibility during contribution and no guarantee that SS will continue as the gov taxes this meager income…the government will grow, the elected and appointed officials will be given ridiculous raises and the gov unions stays in place to drive up cost…..SS gets the short straw….