The Board of Trustees of the Social Security Trust Fund reports each year on the financial condition of the social security program. The 2022 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, issued on June 2, includes both short- and long-term projections about the social security system.
Using the “intermediate” projections, the board projects the social security wage base will be $155,100 in 2023 (up from $147,000 this year) and will increase to $218,400 by 2031. The formal announcement of the 2023 wage base will not come until mid-October.
The projections, which are only an indication of the expected trend, are based on social security program provisions in current law and do not take into account any changes in these provisions that might be made in the future.
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Curtis E. Tatum, Esq., is APA’s In-House Counsel and Director of Federal Payroll Compliance.
