Jump directly to the content

Social Security - Part 2

Federal
State:

• Speaking of social security, the federal government recently released some interesting projections as part of its annual report on the health of the social security system. The wage base (maximum compensation subject to tax) increases from $45,000 this year to $46,500 in 1989, $48,600 in 1990, $51,300 in 1991, $54,000 in 1992, and $57,000 in 1993. The government's estimates are often understated by several hundred dollars, so a more realistic estimate for 1989 might be $47,000. The annual earnings limitation (the amount retirees under age 70 can earn without affecting benefits) is projected to increase from $8,640 in 1989 to $10,440 in 1993 for persons between 65 and 70 years of age. Also, the amount of social security benefits lost when retirees earn too much income is reduced from $1 for each $2 earned in excess of the limit to $1 for each $3 earned in excess of the limit beginning ...

Join now to access this member-only content

Become a Member

Already a member? for full access.

Related Topics:
Posted:
  • July 1, 1988

Related ResourcesVisit Store

Planning the Pastor’s Retirement Package
Planning the Pastor’s Retirement Package
Use this guide to develop your pastor's retirement plan for all stages of life.
12 Law & Tax Guidelines for New Ministers
12 Law & Tax Guidelines for New Ministers
Essential knowledge to ensure legal and financial clarity and integrity in ministry.
20 Finance Questions Churches Ask
20 Finance Questions Churches Ask
Richard Hammar answers relevant tax and finance questions for church leaders.