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Dan Caplinger, The Motley Fool Published 6:30 a.m. ET Oct. 23, 2018 | Updated 8:30 a.m. ET Oct. 23, 2018

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If you’re planning on relying alone on your amusing aegis assay for retirement, you may appetite to reconsider. Here’s why. USA TODAY

Pile of Amusing Aegis cards(Photo: GETTY IMAGES)

Few government programs are as important to as abounding Americans as Amusing Security. With tens of millions of bodies accepting retirement, affliction and ancestors allowances from the program, the federal government pays out aloof about $1 abundance in allowances anniversary year.

The money for those allowances has to appear from somewhere, and best of it gets taken out of paychecks in the anatomy of Amusing Aegis bulk taxes. Best workers pay 6.2 percent of their pay in taxes to Amusing Security, and their administration pay a analogous 6.2 percent bulk out of their own pockets. That bulk hasn’t afflicted for about 30 years. But the bulk of balance on which the tax applies has risen steadily over the years, and as the Amusing Aegis Administration aloof announced, 2019 will see a big abeyant acceleration in the best Amusing Aegis tax possible.

Some taxpayers will see as abundant as a $279 jump in the bulk of tax they accept to pay. The change stems from the actuality that the anniversary allowance abject absolute on which Amusing Aegis tax gets answerable rises in band with a admeasurement of how abundant in accomplishment and salaries U.S. workers earn, and that cardinal jumped by 3.5 percent over the accomplished year.

The acceptable account is that alone those who accomplish added than $128,400 in 2019 will acquaintance a tax increase, with the better addition applying to those whose balance top the $132,900 mark. Yet alike admitting upper-income Americans will pay a bit more, the abortion of efforts from some assembly to annihilate the allowance abject absolute on Amusing Aegis taxes absolutely is still some consolation.

More: How abundant does Amusing Aegis pay on boilerplate to retired workers? A Foolish Take

More: Online aliment commitment bazaar could abound to $24B by 2023: A Foolish Take

More: Why the S&P 500’s Q3 assemblage isn’t aggregate it’s absurd up to be: A Foolish Take

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The Motley Fool is a USA TODAY agreeable accomplice alms banking news, assay and annotation advised to advice bodies booty ascendancy of their banking lives. Its agreeable is produced apart of USA TODAY.

Offer from the Motley Fool: Offer from The Motley Fool: The 10 best stocks to buy nowMotley Fool co-founders Tom and David Gardner accept spent added than a decade assault the market. In fact, the newsletter they run, Motley Fool Banal Advisor, has tripled the S&P 500!*

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Read or Share this story: https://www.usatoday.com/story/money/taxes/2018/10/23/social-security-taxes-go-up-2019/38163935/

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