Social Security wage base expected to rise to $115,500 for 2014

110000-first-income-taxesThe Social Security Administration’s Office of the Chief Actuary (OCA) has projected that the Social Security wage base will increase from $113,700 for 2013 to $115,500 for 2014.

The 2014 projections were included as part of the annual report to Congress by the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Fund programs (The 2013 OASDI Trustees Report). The SSA provides three kinds of forecasts for Social Security wage bases (intermediate, low cost, and high cost). The SSA intermediate forecasts through 2022 are as follows:

  • 2014 — $115,500
  • 2015 — $118,500
  • 2016 — $123,600
  • 2017 — $130,500
  • 2018 — $137,700
  • 2019 — $144,900
  • 2020 — $152,100
  • 2021 — $159,000
  • 2022 — $165,600

The OCA is continuing to projected that the Social Security trust fund will become insolvent in 2033.

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