A number of changes to Social Security payments can be expected next month, including more money.
70 million retired and disabled Americans can expect benefits next year.
Related: 5 important things to know before COLA increase raises Social Security benefits in just weeks
Here are 3 major changes happening in 2022
First, the 5.9% increase in COLA will be in everyone’s first checks.
The average check for retired workers will rise by $92, and for married couples it’ll rise by about $154.
People can expect letters from the Social Security Administration detailing the changes in their monthly payments next year.
COLA went up so much this year to help offset the costs of inflation.
This increase not only applies to those collecting Social Security benefits, but also SSDI benefits.
The average increase for a disabled worker is around $76 per month.
The third major change is that workers will be paying more taxes on their earnings into Social Security.
The maximum amount of income that can be taxed will rise in Jan. 2022.
In 2021, the first $142,800 of high earners income is taxed for Social Security; anything past that is not.
For 2022, that amount will increase to $147,000.
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