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Got $102,300?

The Social Security earning ceiling is going up by $4,800 over this years limit. If you make more than the ceiling, you will get a raise of 6.2%.

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.

About the Author

John Grobe is President of Federal Career Experts, a firm that provides pre-retirement training and seminars to a wide variety of federal agencies. FCE’s instructors are all retired federal retirement specialists who educate class participants on the ins and outs of federal retirement and benefits; there is never an attempt to influence participants to invest a certain way, or to purchase any financial products. John and FCE specialize in retirement for special category employees, such as law enforcement officers.