No great surprise that we anticipate Social Security to “run out of money”. Based on the newly released Social Security Administration (SSA) forecasts, Social Security will not be able to fully pay the scheduled benefits in 2036. This is a year shorter than last years projection of 2037.
Based on these factors, the SSA Office of the Chief Actuary (OCA) has projected that the Social Security wage base will increase by at least $3,500 in 2012. It has been $106,800 since 2009. Expect final word on the exact amount of the increase in the fourth quarter of this year. We will let you know as soon as a final decision is made.