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.

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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.