The Social Security Administration’s (SSA) Office of the Chief Actuary is projecting that the Social Security wage base will increase from $147,000 to $155,100 in 2023. The SSA provides three forecasts for the wage base (intermediate, low and high cost). All forecasts predict an increase from $147,000 to $155,100 in 2023. Future intermediate forecasts are: $165,300 in 2024; $173,400 in 2025; $180,600 in 2026; $188,100 in 2027; $195,600 in 2028; $203,100 in 2029; $210,600 in 2030 and $218,400 in 2031. Actual annual increases to the Social Security wage base are announced in October based on current economic conditions. As a result, the forecasts, especially the longer-range ones, may change. Call or visit our website for more information! www.mjscpa.com/
