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Social Security Benefits to Rise 1.5 Percent in 2014; Wage Base Increases to $117,000
U.S. Social Security Administration [SSA] [Official Guidance] Oct. 30, 2013
"The 1.5 percent cost-of-living adjustment (COLA) will begin with benefits that more than 57 million Social Security beneficiaries receive in January 2014.... Some other changes that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $117,000 from $113,700.... [A]bout 10 million will pay higher taxes as a result of the increase in the taxable maximum."
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