2005 Social Security Facts and Figures

• Taxable earnings base increases to $90,000
  
  
• Medicare Part B monthly premium rises to $78.20, deductible increases to $110
  
  
• 2.7% cost-of-living increase added to benefits
  
  
• Retirement age increases from 65 and 6 months for those born Jan. 2, 1940 through Jan. 1, 1941 on up to 67 for those born Jan. 1, 1960 and after
  
  
• Payroll tax remains unchanged at 6.2% for employees and 12.4% for self-employed
  
  
• Medicare tax remains unchanged at 1.45% of all earnings (2.9% for self-employed)

For more information, including the entire Social Security Benefits table, visit ssa.gov or call 1-800-772-1213.

Source: SHRM Research Reports, 2005