Got $102,300? If you do, and if you’re a FERS or CSRS Offset employee, that will be next year’s Social Security earnings ceiling.
That is, this is the amount out of which the 6.2% Social Security tax will be taken. It increased $4,800 over this years limit. If you are fortunate enough to make more than that amount, you’ll get the equivalent of a 6.2% raise from the time you hit the limit until the end of the year.
In other SS/Medicare related news, the Medicare trustees estimated that the Medicare Part B premium would go up to $96.40 next year, from $93.50 this year. I suppose we should be thankful that the Part B premium is indexed to regular inflation, rather than health care inflation.