Social security boost 2022: what will change in January?

ONEs we are approaching the end of 2021, many people in the United States will be wondering what changes in terms of social insurance, COLA and more.

Here are a few things to consider before 2022 when it comes to this social insurance Changes.

An increase in pension payments

October saw the Social Insurance Authority (SSA) announce that the Cost of Living Adjustment (COLA) is set to increase 5.9% in January, meaning the average check for a retired worker will increase by $ 92 in 2022 as it increases from $ 1,565 to $ 1,657 per month. For a typical couple, their benefits will increase by $ 154, from $ 2,599 to $ 2,753 per month.

Check Boost for Disabled Americans

The 5.9% increase when it comes to COLA applies to Disability Insurance (SSDI), with the median monthly benefit for disabled workers increasing by $ 76 – from $ 1,282 to $ 1,358 per month.

The earnings limit is to be increased

If you are employed during the pickup social insurance Your benefits may be reduced depending on how much you bring in SSA $ 1 withheld for every $ 2 you earn above $ 18,960 in 2021 if you have not reached full retirement age, but the threshold will be raised to $ 19,560 in 2022.

For those who will have reached full retirement age in 2022, you can earn $ 51,960 in the next year, an increase from the 2021 annual limit of $ 50,520. In this case, $ 1 will be withheld for every $ 3 earned over $ 51,960.

Credit earnings threshold jump

Anyone born in 1929 or later must earn at least 40 credits in the course of their working life in order to qualify social insurance Benefits, with a maximum of four per year.

The amount required to purchase a single loan increases slightly each year, with a $ 40 increase from $ 1,470 in 2021 to $ 1,510 in January in 2022.

Workers pay more taxes

the SSA have confirmed that the maximum amount anyone can earn is dependent social insurance The tax will increase from $ 142,800 to $ 147,000 in January. This means that the highest earners have to pay more taxes.

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