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LivingStone Wealth Planning

T. Spencer Metcalf, MBA, CFP®
President
104 Whitsett Street
Greenville, SC 29601
864-520-8000
spencer@livingstonewealth.com
www.livingstonewealth.com

T. Spencer Metcalf's Profile Picture

July 26, 2018

2018 Key Numbers
 

Government Benefits

Social Security

Social Security Cost-of-living adjustment (COLA)20242025
For Social Security and Supplemental Security Income (SSI) beneficiaries3.20%2.50%
Tax rate--employee20242025
FICA tax -- Employee 7.65%7.65%
Social Security (OASDI) portion of tax 6.20%6.20%
Medicare (HI) portion of tax1.45%11.45%1
Tax rate--self-employed20242025
Self-Employed15.30%15.30%
Social Security (OASDI) portion of tax 12.40%12.40%
Medicare (HI) portion of tax2.90%12.90%1

1 An additional 0.9% Medicare/hospital insurance tax (for a total employee contribution of 2.35%) is assessed on wages exceeding $200,000 ($250,000 for married couples filing joint returns, $125,000 for married individuals filing separate returns). An additional 0.9% Medicare/hospital insurance tax (for a total Medicare portion of 3.8%) is assessed on self-employment income exceeding $200,000 ($250,000 for married couples filing joint returns, $125,000 for married individuals filing separate returns).

Maximum taxable earnings20242025
Social Security (OASDI only)$168,600 $176,100
Medicare (HI only) No limit No Limit
Quarter of coverage20242025
Earnings required$1,730$1,810
Retirement earnings test--exempt amounts--Under full retirement age--Benefits reduced by $1 for each $2 earned above:20242025
Yearly figure$22,320$23,400
Monthly figure$1,860$1,950
Retirement earnings test--exempt amounts--Year individual reaches full retirement age--Benefits reduced by $1 for each $3 earned above (applies only to earnings for months prior to attaining full retirement age):20242025
Yearly figure$59,520 $62,160
Monthly figure$4,960 $5,180
Retirement earnings test--exempt amounts--Beginning the month individual attains full retirement age20242025
No limit on earningsNo limit on earnings
Social Security disability thresholds20242025
Substantial gainful activity (SGA) for the sighted (monthly figure)$1,550$1,620
Substantial gainful activity for the blind (monthly figure)$2,590$2,700
Trial work period (TWP) (monthly figure)$1,110$1,160
SSI federal payment standard20242025
Individual (monthly figure)$943$967
Couple (monthly figure)$1,415 $1,450
SSI resource limits20242025
Individual$2,000 $2,000
Couple$3,000$3,000
SSI student exclusion limits20242025
Monthly limit$2,290$2,350
Annual limit$9,230$9,460
Maximum Social Security benefit20242025
Worker retiring at full retirement age (monthly figure)$3,822 $4,018
Formula for Monthly Primary Insurance Amount (PIA)20242025
(90% of first X of AIME + 32% of the AIME over X and through Y + 15% of AIME over Y)X=$1,174 Y=$7,078X=$1,226 Y=$7,391

Medicare

Medicare monthly premium amounts--Part A (hospital insurance) premium20242025
Individuals with 40 or more quarters of Medicare-covered employment$0 $0
Individuals with less than 40 quarters of Medicare-covered employment who are not otherwise eligible for premium-free hospital insuranceUp to $505Up to $518
Medicare monthly premium amounts--Part B (medical insurance) monthly premium--for beneficiaries who file an individual income tax return with income that is:
2024202520242025
Less than or equal to $103,000Less than or equal to $106,000$174.702$185.002
$103,001 - $129,000$106,001 - $133,000$244.60 $259.00
$129,001 - $161,000$133,001 - $167,000$349.40$370.00
$161,001 - $193,000$167,001 - $200,000$454.20$480.90
$193,001 - $499,999$200,001 - $499,999$559.00$591.90
$500,000 and above$500,000 and above$594.00$628.90
Medicare monthly premium amounts--Part B (medical insurance) monthly premium--for beneficiaries who file a joint income tax return with income that is:
2024202520242025
Less than or equal to $206,000Less than or equal to $212,000$174.702$185.002
$206,001 - $258,000$212,001 - $266,000$244.60 $259.00
$258,001 - $322,000$266,001 - $334,000$349.40$370.00
$322,001 - $386,000$334,001 - $400,000$454.20$480.90
$386,001 - $749,999$400,001 - $749,999$559.00$591.90
$750,000 and above$750,000 and above$594.00$628.90
Medicare monthly premium amounts--Part B (medical insurance) monthly premium--for beneficiaries who are married, but file a separate tax return from their spouse and lived with spouse at some time during the taxable year with income that is:
2024202520242025
Less than or equal to $103,000Less than or equal to $106,000$174.702$185.002
$103,001 - $396,999$106,001 - $393,999$559.00$591.90
$397,000 and above$394,000 and above$594.00$628.90

2 This is the standard Part B premium amount. However, some people who get Social Security benefits will pay more or less than this amount.

Original Medicare plan deductible and coinsurance amounts--Part A (hospital insurance)20242025
Deductible per benefit period$1,632 $1,676
Coinsurance per day for 61st to 90th day of each benefit period$408$419
Coinsurance per day for 91st to 150th day for each lifetime reserve day (total of 60 lifetime reserve days--nonrenewable)$816$838
Original Medicare plan deductible and coinsurance amounts20242025
Skilled nursing facility coinsurance per day for 21st to 100th day of each benefit period$204 $209.50
Original Medicare plan deductible and coinsurance amounts--Part B (medical insurance) annual deductible20242025
Individual pays 20 percent of the Medicare-approved amount for services after deductible is met$240$257

Medicaid

Income threshold20242025
Monthly income threshold for income-cap states ("300 percent cap limit")$2,829$2,901
Monthly maintenance needs allowance for at-home spouse20242025
Minimum 3$2,465.00$2,555.00
Maximum$3.853.50$3,948.00
Community spousal resource allowance20242025
Minimum$30,828$31,584
Maximum$154,140$157,920

3 Amounts listed actually effective as of July of prior year; different amounts apply to Alaska and Hawaii.

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Cetera Wealth Partners is a region of Cetera Advisor Networks. Registered representative offering securities and advisory services through Cetera Advisor Networks LLC., member FINRA/SIPC, a broker/dealer and a Registered Investment Adviser.  Cetera is under separate ownership from any other named entity.  


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