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The Upside and Downside of 2022 Social Security Changes

There has been much hoopla in the media lately about the forthcoming 5.9% Cost of Living Adjustment (COLA), the highest benefit bump in recent history. And while excitement about an increase in Social Security benefits (as well as other Federal benefits like Supplemental Security Income (SSI) and military pensions) is certainly warranted, it’s important to keep the SS changes for 2022 in perspective. That historically high COLA is the aftereffect of exploding inflation in 2021, which means higher prices will likely consume any extra benefit money received. But there are also two less heralded Social Security changes which mean less money in your pocket – for one, the increase in the “wage cap” at which Social Security payroll taxes are no longer taxed has gone up; and second, it will take more in 2022 to earn a quarter-credit toward Social Security eligibility. In this Motely Fool article by Maurie Backman, both the upside and the downside of Social Security’s changes for 2022 are explored. Click here to read more.

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