Recently announced changes by the Social Security Administration:

WORKERS:  If you have a job then you pay 6.2% of your earnings into the Social Security system.   The maximum amount of earnings subject to the Social Security tax – the so-called “wage base” – will increase from $127,200 to $128,700.  Of the estimated 175 million workers who will pay Social Security taxes in 2018 approximately 12 million of them will pay an additional $93 of taxes.

BENEFICIARIES:  If you are one of the more than 61 million people receiving Social Security retirement benefits then you will receive a 2% Cost of Living Adjustment.  For comparison the 2017 COLA was a scant 0.3% and the 2016 COLA was a whopping 0%.

Additional information on these and other Social Security-related changes may be found in this fact sheet provided by the Social Security Administration.