Social Security and Retirement changes announced for 2018
10-24-2017RetirementThe Social Security Administration (SSA) announced last week that the maximum amount of wages in subject to the 6.2% Social Security tax will rise from $127,200 in 2017 to $128,700 in 2018. The SSA also announced that Social Security beneficiaries will get a 2% increase in benefits in 2018. The average retiree will receive an increase of $27 a month.
| 2017 | 2018 | |
|---|---|---|
| Social Security Wage Maximum | $127,200 | $128,700 |
| Maximum Social Security tax | $7,886.40 | $7,979.40 |
| 401(k) elective deferral | $18,000 | $18,500 |
| 401(k) catch up | $6,000 | $6,000 |