There will be a few changes in 2022 when it comes to Social Security benefits.
70 million disabled or elderly Americans can expect these changes starting in January of 2022.
Almost 9 out of 10 people over the age of 65 collect benefits.
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Here are 5 major changes coming to Social Security beginning Jan. 1, 2022
There will be a 5.9% increase in benefits.
It was announced in Oct. that the COLA increase would be 5.9%.
This means the average check will rise by $92. It will go from $1,565 to $1,657 per month.
A couple collecting benefits will see an increase of $154. This will bring the average from $2,599 to $2,753 per month.
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Recipients will get a letter detailing their increase in Dec.
The increase applies to anyone collecting to Social Security Disability Insurance as well.
The increase will be an average of $76, bringing the monthly average from $1,282 to $1,358 a month.
The earnings limit is set to increase.
Related: Online statements for Social Security benefits are redesigned
If you choose to work while you also collect benefits, then your benefits could decrease.
If you made over $18,960 in 2021 then the SSA will hold $1 for every $2 that you make past that.
Beginning in 2022 that limit will increase to $19,560.
The credit earning threshold will also rise.
You need to earn 40 credits in all to collect Social Security when you retire.
Related: What will I make if I only receive Social Security when I retire? 3 ways to boost your benefits
The dollar amount goes up every year and in 2022 it will rise $40.
It will go from $1,470 in 2021 to $1,510 in 2022.
The number of credits you need for disability depends on how old you are when you become disabled.
Finally, the maximum earnings subjected to Social Security tax will increase from $142,800 to $147,000.
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