7 Changes to Social Security in 2022
Every year several changes take effect in mid October as the Social Security Administration announces the cost of living adjustment for beneficiaries. Thresholds likewise change for a number of items as Sean Williams notes in this piece. Note, there is no change in law, just adjustments. Briefly they are: 1.) Beneficiaries are getting their biggest “raise” in nearly four decades at 5.9%; 2.) The full retirement age is going up one last time; 3.) High earners will be paying more in taxes; 4. The maximum monthly payouts are increasing for those receiving the highest monthly payment; 5.) Withholding thresholds for early filers are climbing; 6.) Disability income thresholds are going up; 7.) The bar to qualify for a retirement benefit has been raised slightly (i.e. income earned that is needed to get a credit), though it’s still forty credits overall. Full piece here.