Every American who is qualified for Supplemental Security Income (SSI) has excellent news. As part of the COLA incensement, each beneficiary will receive an additional $821 boost. Roughly 64 million Americans who get Social Security benefits in January 2022 will profit from the hike.
SS Tax Increased to $147,000
According to an SSA post, on December 30, 2021, nearly 8 million SSI recipients received increased payouts. Other changes, which go into effect in January each year, are based on average pay increases. The maximum amount of wages subject to SS tax (taxable maximum) will rise to $147,000.
Meanwhile, the earnings ceiling for those under the full retirement age will climb to $19,560. It will rise to $51,960 for those reaching full retirement age in 2022. If you are over the age of 65, there is no limit to the amount of money you can earn before being liable to the Social Security tax.
When a retired worker’s check comes in 2022, it will have risen from $1,565 to $1,657 a month, a $92 rise on average. Then, a typical couple’s benefits increase by $154, bringing their monthly income from $2,599 to $2,753.The 5.9% COLA is also applicable to Social Security Disability Insurance (SSDI). The average monthly payout for disabled workers increased by $76 a month, from $1,282 to $1,358, Marca wrote.
Most recipients will view their Social Security COLA notices in the Message Center of their my Social Security account. Remember, our services are completely free. No legitimate company or government entity will ask for your personal information or payment in advance.
My Social Security is a safe and straightforward way to get COLA notices through email and save them later. You can also choose not to receive alerts by mail if the information is available online. Choose your preferred method of receiving courteous alerts to ensure that you don’t miss your safe, convenient online COLA notice.
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