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“High” Earners Need to Work a Little Longer in 2020

monopoly fun at work
Photo: ErikaWittlieb

National “Have Fun at Work” Day is on January 31. Make the most of it–you will be doing a bit more of it (work, that is!)

As of January 1, 2020, the maximum earnings subject to the Social Security payroll tax will increase by $4,800 to $137,700—up from the $132,900 maximum for 2019. The taxable wage cap is subject to automatic adjustment each year based on the national average wage, which rose last year by 3.6%.

That means higher-income individuals will need to keep working in order to hit the maximum deduction amount for Social Security in 2020. Additionally, Social Security benefits for the 69 million Americans currently collecting will increase by 1.6%.

Share the joy on “Have Fun at Work” Day on Friday, the 31st. Plan a party, schedule games, and activities, and bring in some goodies! Perhaps it will make the extra time you need to work go a little quicker!