If you’re collecting social security, you could see bigger checks hitting your bank account in 2022.
According to the Social Security Administration, beneficiaries will earn a 5.9% increase in benefits in 2022 to account for cost-of-living adjustments, which is the largest increase in decades.
Positively, the Social Security Administration (SSA) noticed the spike in inflation and took action. A number of important changes are coming to your Social Security statement in 2022 as a result.
Listed below are five major changes to Social Security in 2022 that you should be aware of.
1. A 5.9% COLA adjustment.
One of the biggest changes coming to the SSA in 2022 will be a 5.9% increase in monthly benefits for all beneficiaries starting next year. With prices throughout the economy rising, this increase is intended to maintain the purchasing power of retirees.
A “raise” in name only
Remember that this increase in payout is not designed to get beneficiaries ahead. Instead, it’s aimed at accounting for the inflation that Social Security recipients have contended with over the past year—i.e., the rising price of goods and services.
2. Social Security base wage is increasing.
Old Age, Survivor, and Disability Insurance (OASDI) premiums are collected by the Social Security Administration by taxing 6.2% of your wage base, up to a certain amount. This amount will be $147,000 in 2022, up from $142,800 in 2021. As a result, wages up to $147,000 will be subject to a 6.2% Social Security tax, while amounts earned above that threshold will not be taxed.
3. Full Retirement Age (FRA) is increasing to 67 for those turning 62 in 2022.
From the year 2022 forward, the age at which you can claim full retirement benefits will increase to 67; this applies to anyone born in 1960 or later. As a result, if you turn 62 in 2022, you'll have a full retirement age of 67, which is just months above the retirement age of those born between 1955 and 1959.
4. You can earn more in retirement without losing early retirement benefits.
As long as you do not reach full retirement age until after 2022, you will be able to earn up to $19,560 ($1,630 per month) without any reduction in your Social Security benefits. It's an increase from 2021 when you were able to earn up to $18,960 ($1,580 per month) without a reduction.
If you reach full retirement age in 2022, you can earn up to $51,960 before you reach full retirement age (up from $50,520 in 2021) without your Social Security checks being docked.
5. Social Security disability benefits are increasing.
Social Security disability benefits usually increase only slightly each year, but the 5.9% increase in 2022 will bring a noticeable boost to the 9.6 million Americans who receive benefits.
In 2022, disabled workers will receive an average of $1,358 per month, an increase from $1,282 in 2021. As a result of the 5.9% COLA, disabled workers, spouses, and one or more children will receive an average payment of $2,383 per month, or an increase of $133.
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Are there any grants available to help me pay my bills. I can not work at all.
I really could use some rental assistance.
I'm not getting the right money a month because I am so behind in my bill it's don't make sense I need more help with this what do I gotta do to increase this
I received mental disability from ssi and now I have physical disability kidney failure do I apply for more benefits since I now have kidney failure
I can use all the help I can get
I wanted to work the last seven years but due to my disabilities I am unable to work. Social Security funds I receive aren't enough for me to live off of I am in desperate need of additional funds
not enough money for daily life
I can use all the help I can get and some
Well working your way out of been paralyzed is very hard to do and you just have to be patient and follow your doctor orders and work out it at a slow paste and it’s not easy, you just have to take it one day at a time and work hard at it at a slow paste
Is this increase automatic
I was denied disability benefit due to making too much in my SSA benefits I can’t type as o did when working my own consulting. Company I had to claim chapter 7 ! Having difficulty finding work due to age snd typing isdues
I get 1900 and some change seems like other people's getting more than me that's just now going on it and haven't worked that much thank you
Yes I'm on disability have been going on 8 years now but I don't understand how 847 dollars is expected for me to get a place and take care of my kids and pay bills and I can not work the part time that disability doesn't cover is there anything that can help me
Why can't people drewing ssi get more money. We get less than anyone.i have to live with my family because I don't get enough money to live on
This is all fine and well but again those of us at full retirement get left out. Many of us need a lift . The increase we received this year doesn't add anything to the daily increase in cost of living. Groceries rise up weekly, gas is outrageous along with rent increases etc. All we get is talk, yak, yak. The changes for new retirees, increases that will happen next year. We are sick and tired of all the crap spoken. Especially, when it does nothing for or needs now. It's shameful to hear a $200 increase that never happens and probably won't. We get treated like second , third class citizens. I for one am tired of your hot-air.
I would love to get more in my Social Security what I receive now is know where enough. I can't pay all my bills in one month I need a big increase yes I do. Thank you!
I think an increase on Social Security Disability Beneficiaries Would Really Help Especially With Everything So High Right Now I Hope At Some Point That All Americans Will See A 4Th Stimulus Also Instead Of Joe Biden Picking & Choosing What States Ate Eligible We Are All Dealing With Hard Times Too Not Just Certain People
I'm looking for info on SSI. I'm 82 & working is getting difficult as I've had 2 operations.
I wish there was help for help for me ssi 612 ss 168
My name is Marilyn S Trotter and I turned 62 this month, I have been diagnosed with COPD could I get a n increase in my disability check?
How can I afford overpayment when I knew I called in. What can ido