The Social Security Administration recently announced monthly social security and supplemental security income benefits (SSI) for 2018. These new limits are based upon the Consumer Price Index over the past 12 months ending in September. A recap of the key amounts is outlined here:
2018 Key Social Security Limits
- Up to $128,700 in wages will be subject to Social Security Taxes (This is up from $127,200 in 2017). This amounts to $7,979.40 in maximum annual employee Social Security payments. Any excess amounts paid due to having multiple employers can be returned to you via a credit on your tax return.
- For all retired workers receiving Social Security retirement benefits the estimated average monthly benefit will be $1,404/mo. in 2018.
- SSI (Supplemental Security Income) is the standard payment for people in need. To qualify for this payment you must have little income and few resources ($2,000 if single/$3,000 if married).
- A full-time student who is blind or disabled can still receive Supplemental Security Income (SSI) benefits as long as earned income does not exceed the monthly and annual student exclusion limits.