Social Security contribution limit to raise in 2012?

[mefordis]

Does anyone know if the contribution limit for Social Security is going to raise in 2012? Currently it is $106,800 per year.

I can't seem to find the answer to this anywhere.

Thank you!

 

[Cindy B]

I'm an ex SS employee. Usually I didn't know until about Sept./Oct. I'm pretty sure there are current SS employee here which might be able to answer this better.

 

[tvguy]

Since most of us here make less than half the current limit, I'm not sure this is the best place to ask....just saying.

 

[wdwmom0f3]

You can go to SSA.GOV for more information, but I believe that it goes up every year. There have been a few years that it has not though.

ETA: It will be updated in Sept/Oct.

 

[beaucoup]

Since most of us here make less than half the current limit, I'm not sure this is the best place to ask....just saying.

That's what I was thinking. Nothing we need to even know about never mind even worry about.

 

[mefordis]

I would think there are a LOT of folks on this board who do make over 108k a year, considering all of the WDW vacation tickers I see. We all know that WDW is not cheap .

 

[mefordis]

That's what I was thinking. Nothing we need to even know about never mind even worry about.

One day you might!

 

[DebbieB]

I would think there are a LOT of folks on this board who do make over 108k a year, considering all of the WDW vacation tickers I see. We all know that WDW is not cheap .

Not even close.

 

[sam_gordon]

I would think there are a LOT of folks on this board who do make over 108k a year, considering all of the WDW vacation tickers I see. We all know that WDW is not cheap .

Of course, you don't know how many of those tickers are results of someone saving for a couple years, eating "beans & rice, rice & beans", or otherwise saving their $$.

While DW & I are comfortable, even if you add our salaries together, that amount isn't even in our long range view.

 

[Pakey]

The max increases almost every year; I would expect it to change in 2012.

 

[Robinrs]

The max increases almost every year; I would expect it to change in 2012.

Here is the Cost of Living increases per year from 1975 - 2010. NO COL increase since 2008.

http://www.ssa.gov/oact/cola/colaseries.html

 

[monkeyboy]

I get to start drawing this year

 

[golfgal]

Here is the Cost of Living increases per year from 1975 - 2010. NO COL increase since 2008.

http://www.ssa.gov/oact/cola/colaseries.html

It isn't about the COL. Once you make over $108K you stop contributing to SS for the remainder of that year. They do this because at the tail end, you can't get more in SS payout then you would have if you made that through your career. This figure goes up some pretty much each year.

I am sure there are plenty of people on here that make over $108K just given statements made on various threads about paying for certain things, contribution expectations for colleges, etc.

 

[Robinrs]

It isn't about the COL. Once you make over $108K you stop contributing to SS for the remainder of that year. They do this because at the tail end, you can't get more in SS payout then you would have if you made that through your career. This figure goes up some pretty much each year.

I am sure there are plenty of people on here that make over $108K just given statements made on various threads about paying for certain things, contribution expectations for colleges, etc.

oops sorry, I didn't realize this was about the contribution!

 

[KathyTX]

Here's a table showing the historical contribution ceiling:

http://www.ssa.gov/oact/cola/cbb.html

 

[mefordis]

Thank you so much! I am surprised it hasn't been raised in three years!!!

Here's a table showing the historical contribution ceiling:

http://www.ssa.gov/oact/cola/cbb.html

 

[tvguy]

One day you might!

Well, I can hope. But I'm 54 and running out of working years to do so.

 

[tvguy]

I would think there are a LOT of folks on this board who do make over 108k a year, considering all of the WDW vacation tickers I see. We all know that WDW is not cheap .

Actually, I think you may be wrong, just based on how many of those same people say they are maxed out on all their credit cards.

 

[bdcp]

Since most of us here make less than half the current limit, I'm not sure this is the best place to ask....just saying.

I think you don't know for sure what you're talking about. In the NE, it's very common for individuals to make over 108K, but that's because in a lot of the large metro areas (DC, NJ, NY, NoVA) the average price of a home is a LOT higher than other parts of the country. My 27 year old son makes more than 1/2 the current limit in No VA. DH has hit the limit every year for quite a while, but if he goes 3-4 years without a raise (didnt' get one this year) he'll eventually "catch up". My youngest DS makes just under 1/2, but he was told this week that if he wanted to go to work as an electrician (he does IT), the guy would hire him and start him at 45K. You really need to know what you're talking about since there are all income levels here on the boards and a lot of that has to do with cost of living. It doesn't necessarily indicate wealth. Avg home price here in No Va is almost 400K.

Where have people said they're maxed out on their CC's? If anything there are a ton of posters who "claim" to be cash only, debt free people, which I also don't entirely believe.

 

[mefordis]

You might have more working years than you think, with the Social Security drying up. Retirement age may well be 72 as opposed to 62.

Well, I can hope. But I'm 54 and running out of working years to do so.