There will be some changes in 2022 when it comes to social security benefits.
70 million Americans with disabilities or older can expect these changes from January 2022.
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Here are 5 major changes to come for social security as of January 1, 2022
There will be a 5.9% increase in benefits.
It was announced in October that the COLA increase would be 5.9%.
This means that the average check will increase by $ 92. It will drop from $ 1,565 to $ 1,657 per month.
A couple receiving benefits will see an increase of $ 154. This will bring the average from $ 2,599 to $ 2,753 per month.
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Recipients will receive a letter detailing their increase in December.
The increase also applies to anyone contributing to social security invalidity insurance.
The increase will average $ 76, bringing the monthly average from $ 1,282 to $ 1,358 per month.
The earnings cap is expected to increase.
Related: Online Social Security Benefit Statements Are Redesigned
If you choose to work while you are also receiving benefits, your benefits may decrease.
If you earned more than $ 18,960 in 2021, the SSA will hold $ 1 for every $ 2 you earn beyond that.
Starting in 2022, this limit will increase to $ 19,560.
The threshold for obtaining credit will also increase.
You must earn 40 credits in total to collect Social Security when you retire.
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The dollar amount is increasing every year and in 2022 it will increase by $ 40.
It will drop from $ 1,470 in 2021 to $ 1,510 in 2022.
The number of disability credits you need depends on your age when you become disabled.
Finally, the maximum income subject to Social Security tax will drop from $ 142,800 to $ 147,000.
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