Social Security & Medicare Rates and Benefits
Annual wage bases, retirement earnings limits, payroll tax rates, cost-of-living adjustments, and selected benefit figures for 2022–2027.
This page summarizes selected Social Security Administration (SSA), IRS, and Medicare figures. Earnings limits apply to Social Security retirement beneficiaries who have not yet reached full retirement age (FRA); they are not limits on how much a person may earn while working generally.
Amounts are shown by calendar year. Medicare Part B premiums listed are the standard monthly premium before any income-related adjustment (IRMAA).
1. Social Security Wage Base & Payroll Tax Rates
| Year | Social Security taxable wage base | Employee Social Security tax | Employee Medicare tax | Combined employee rate | Self-employment combined rate |
|---|---|---|---|---|---|
| 2022 | $147,000 | 6.2% (up to wage base) | 1.45% (no wage cap) | 7.65% | 15.3% |
| 2023 | $160,200 | 6.2% (up to wage base) | 1.45% (no wage cap) | 7.65% | 15.3% |
| 2024 | $168,600 | 6.2% (up to wage base) | 1.45% (no wage cap) | 7.65% | 15.3% |
| 2025 | $176,100 | 6.2% (up to wage base) | 1.45% (no wage cap) | 7.65% | 15.3% |
| 2026 | $184,500 | 6.2% (up to wage base) | 1.45% (no wage cap) | 7.65% | 15.3% |
| 2027 | $192,300 | 6.2% (up to wage base) | 1.45% (no wage cap) | 7.65% | 15.3% |
Employers generally pay a matching 6.2% Social Security tax and 1.45% Medicare tax. Self-employed individuals generally pay both shares: 12.4% Social Security up to the wage base and 2.9% Medicare on net earnings, subject to applicable rules.
2. Social Security Retirement Earnings Limits
| Year | Under FRA for the entire year | In the year FRA is reached (earnings before FRA month only) | Beginning the month FRA is reached |
|---|---|---|---|
| 2022 | $19,560/year ($1,630/month) | $51,960/year ($4,330/month) | No earnings limit |
| 2023 | $21,240/year ($1,770/month) | $56,520/year ($4,710/month) | No earnings limit |
| 2024 | $22,320/year ($1,860/month) | $59,520/year ($4,960/month) | No earnings limit |
| 2025 | $23,400/year ($1,950/month) | $62,160/year ($5,180/month) | No earnings limit |
| 2026 | $24,480/year ($2,040/month) | $65,160/year ($5,430/month) | No earnings limit |
| 2027 | $25,560/year ($2,130/month) | $67,920/year ($5,660/month) | No earnings limit |
How the earnings test works: Before FRA, SSA generally withholds $1 in benefits for every $2 earned above the lower limit. In the year FRA is reached, SSA generally withholds $1 for every $3 earned above the higher limit, counting only earnings before the month FRA is reached. Starting with the month FRA is reached, there is no retirement earnings limit. Withheld benefits can lead to an adjustment to benefits at FRA.
3. Cost-of-Living Adjustment (COLA)
| Year | Social Security / SSI COLA |
|---|---|
| 2022 | 5.9% |
| 2023 | 8.7% |
| 2024 | 3.2% |
| 2025 | 2.5% |
| 2026 | 2.8% |
| 2027 | 3.6% |
4. Selected Social Security Benefit Figures
| Year | Maximum monthly benefit at FRA | Estimated average monthly benefit for all retired workers (January) |
|---|---|---|
| 2022 | $3,345 | $1,657 |
| 2023 | $3,627 | $1,827 |
| 2024 | $3,822 | $1,907 |
| 2025 | $4,018 | $1,976 |
| 2026 | $4,152 | $2,071 |
| 2027 | $4,188 | $2,170 |
Maximum benefits are possible only for workers with a sufficiently long history of high covered earnings. Actual benefits depend on earnings history, claiming age, and other factors. Average benefit figures are national estimates, not guaranteed individual amounts.
5. Medicare Part B Standard Monthly Premium
| Year | Standard Part B monthly premium | Standard Part B annual premium (12 months) |
|---|---|---|
| 2022 | $170.10 | $2,041.20 |
| 2023 | $164.90 | $1,978.80 |
| 2024 | $174.70 | $2,096.40 |
| 2025 | $185.00 | $2,220.00 |
| 2026 | $202.90 | $2,434.80 |
| 2027 | Not yet officially announced | Not yet officially announced |
Higher-income beneficiaries may pay an Income-Related Monthly Adjustment Amount (IRMAA) in addition to the standard Part B premium. Part D income-related adjustments may also apply. Premiums and deductibles can change annually. As of October 29, 2026, the 2027 Part B standard premium has not yet been officially announced. The 2026 Medicare Trustees Report estimates $209.50 per month for 2027; this is a projection, not the final premium.
6. Additional Medicare Tax
| Filing status | Threshold for wages / compensation | Additional tax rate above threshold |
|---|---|---|
| Married filing jointly | $250,000 | 0.9% |
| Married filing separately | $125,000 | 0.9% |
| Single, head of household, or qualifying surviving spouse | $200,000 | 0.9% |
The Additional Medicare Tax is generally withheld by employers on wages over $200,000 paid to an employee, regardless of filing status. The final tax is calculated based on the taxpayer's filing status and applicable threshold. There is no employer matching tax on the additional 0.9%.
Official Resources
- SSA: Social Security Contribution and Benefit Base
- SSA: Automatic Determinations in Recent Years
- SSA: Working While Receiving Retirement Benefits
- SSA: 2026 COLA Fact Sheet
- SSA: 2027 COLA Fact Sheet
- CMS: 2026 Medicare Trustees Report (includes 2027 Part B premium estimate)
- SSA: Medicare Premiums and IRMAA
- IRS: Additional Medicare Tax