The Social Security Administration released several figures pertinent to both workers and retirees. These statistics reveal there’s been a large increase in the worker wage base and a modest boost to retirement benefits.
These figures demonstrate the continuing strength of the US economy. But the social security cap will be changing as a result.
An Increasing Wage Base
The social security cap for 2020 will rise by 3.6% in 2020 to $137,700. This is the amount of earnings subject to the Social Security tax.… Read the rest