The Board of Trustees of the Social Security Trust Fund reports each year on the financial condition of the social security program. The 2023 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, issued on March 31, 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 $167,700 in 2024 (up from $160,200 this year) and will increase to $230,100 by 2032. The formal announcement of the 2024 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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Jyme Mariani, Esq., is Managing Editor of Payroll Currently and Senior Manager of Payroll Information Resources for the APA.
