26 April 2019 Social Security Administration publishes wage base projections for 2020 through 2028 For those responsible for employment tax budgets, or just curious what the future may hold, following are the estimated Social Security wage base limits for employers and employees for calendar years 2020–2028 as recently published by the Social Security Administration (SSA). (The 2019 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds, April 22, 2019, Table V.C.I, pg. 115) In reviewing the chart shown on the following page, keep in mind that the SSA provides three estimates — high, intermediate and low. For 2019, the actual wage base is $132,900, higher than the $132,300 projected in the June 2018 Annual Report of the Board of Trustees. The April 2019 projections reflect an increase to $137,100 (low cost) and $136,800 (high and intermediate cost). The Trustees Report states that the will have dedicated resources sufficient to cover benefits until 2034, the same as predicted last year, and the combined OASI fund will last until 2035, one year later than shown in last year's report. The Disability Insurance (DI) Trust Fund is projected to be depleted in 2052, 20 years later than predicted last year. (Social Security Administration press release, April 2019,)
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