Each year the Social Security Administration (SSA.gov) publishes Old Age, Survivors, Disability Insurance Benefits and Supplemental Security Income program rates and limits. Below is a verbatim review of the 2018 information provided by the SSA.
The important news for Social Security retirement recipients is the 2.0% Cost of Living Adjustment (COLA). The 2018 COLA increase (effective January 2018) is the highest pay hike in Social Security benefits in years.
Tax Rates
-Social Security Tax Rate for Employer and Employee: 6.20%
-Medicare Tax Rate for Employer and Employee: 1.45%
-Total Social Security and Medicare Tax Rate: 15.3%
Taxable Earnings
-Maximum Taxable Earnings for Social Security: $128,700
-Maximum Taxable Earnings for Medicare Hospital Insurance: No limit
Quarter of Coverage
-Earnings Required for One Quarter of Coverage Work Credit: $1,320
-Earnings Required for Maximum of Four Credits a Year: $5,280
Exempt Earnings
-Exempt Earnings Amount Under Full Retirement Age: $17,040
-Exempt Earnings Amount Before Reaching Full Retirement Age: $45,360
-Exempt Earnings Reaching Full Retirement Age: No Limit
Maximum Monthly Benefit
-Maximum Monthly Social Security Benefit at Full Retirement Age: $2,788
Retirement Age
-Full Retirement Age: 66
-Early Retirement Age: 62
Cost of Living
-Cost-of-Living Adjustment: 2.0%
Disability Substantial Gainful Activity
-Substantial Gainful Activity for Nonblind Disabled: $1,180
SSI Monthly Standard Payments
-SSI Monthly Federal Payment Standard for Individual: $750.00
-SSI Monthly Federal Payment Standard for Couple: $1,125
SSI Resource Limits
-Resource Limit for Individual: $2,000
-Resource Limit for Couple: $3,000
For details and to see this information in pdf format see: https://www.ssa.gov/policy/docs/quickfacts/prog_highlights/RatesLimits2018.pdf
