Here are five major changes to Social Security that will take place next month, including a bigger payment

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.

Almost 9 out of 10 people over 65 receive benefits.

Related: Take This Step And You Can Increase Your Social Security Payments

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.

Related: Will Social Security Recipients Get a Fourth Stimulus Check?

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.

Related: What Will I Earn If I Only Get Social Security When I Retire? 3 ways to increase your benefits

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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