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This Social Security Rule Stays the Same — and It Could Cost You
A plethora of numbers will change related to Social Security in 2022, as they do every January, most related to indexing figures for inflation. Benefits go up. The amount of taxable income for Social Security purposes rises. The amount one can earn while working before full retirement age ticks up. But one figure remains the same, as it was never indexed for inflation in 1993 when it was last changed– the thresholds for singles and married couples where income tax on benefits kicks in. Thus, more are ensnared by income tax as benefits creep up each year. Christ Bieber of The Motley Fool elaborates in this piece here.