Got $102,300?

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By on August 17, 2007 in Current Events, Retirement with 0 Comments

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.

Agencies can request to have John Grobe, or another of Federal Career Experts' qualified instructors, deliver a retirement or transition seminar to their employees. FCE instructors are not financial advisers and will not sell or recommend financial products to class participants. Agency Benefits Officers can contact John Grobe at [email protected] to discuss schedules and costs.

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About the Author

John Grobe is President of Federal Career Experts, a consulting firm that specializes in federal retirement and career transition issues. He is also affiliated with TSP Safety Net. John retired from federal service after 25 years of progressively more responsible human resources positions. He is the author of Understanding the Federal Retirement Systems and Career Transition: A Guide for Federal Employees, both published by the Federal Management Institute. Federal Career Experts provides pre-retirement seminars for a wide variety of federal agencies.