A New Year Brings Changes to Social Security - Waco Tribune-Herald
As each new year approaches, Social Security announces the changes that will affect benefits in the coming year. Most people have already heard that a Cost of Living Adjustment of 5.9% – the highest in decades – will be applied to Social Security benefits starting with the December payment (which is received in January). But other somewhat more obscure changes will occur too, such as raising of the payroll earnings tax cap on which Social Security FICA and self-employment taxes are paid (so you may pay more into SS), and an increase also in the amount of money you can earn without penalty while collecting early benefits. It’s kind of a mix of good news and bad news, and most seniors will see an increase in their Social Security benefit. But there’s yet another 2022 change that will soften the joy of a higher SS benefit, and that is the $21.60 monthly increase in the standard Medicare Part B premium (from $148.50/month to $170.10/month). All of this is discussed at length in this article by Sam Swenson appearing in the Waco Tribune-Herald. Click here to read more.