The Social Security wage base level for 2012 will increase to $110,100. This is a $3,300 increase over this year’s figure and the first increase since 2009. The wage base did not go up in 2010 and 2011 because the law bars any increase in the cap in years when there’s no cost-of-living hike for Social Security beneficiaries. So looks like beneficiaries of Social Security will be getting that raise.
The Social Security benefits will go up 3.6% in 2012, again this is the first hike in two years, since the cost of living apparently didn’t exist. The earnings limits will be heading up, too. Individuals who turn 66 in 2012 will not lose any benefits if they earn $38,880 or less before they reach that age. Individuals between ages 62 and 66 by the end of 2012 can make up to $14,640 before they lose any benefits. There is no earnings cap once a beneficiary turns 66, just a limit on jobs.