People that receive Social Security payments do so because they paid into the system while they worked.
This determines how much you’ll earn before reaching the limit when you do retire.
In 2022 there has been an increase in COLA by 5.9% for Social Security recipients.
Many have figured out what they’ll be getting when the COLA goes into because they received a letter from the Social Security Administration.
Others did the math and added 5.9% to their regular payment from 2021.
What happens if I work and get #SocialSecurity #retirement benefits? https://t.co/wh8VqPcMqd #SSAFAQ pic.twitter.com/vRetclOBsq
— Social Security (@SocialSecurity) January 7, 2022
How do people know what they’ll make when they collect Social Security?
There are various factors that go into determining how much a person will receive upon retirement.
How many years a person worked along with what their salary was matter.
Employees pay 7.5% out of their paychecks into the fund that pays the benefits.
Related: Social Security: $1,657 going out in 5 days
Their employers match that with another 7.5%.
The Social Security Administration uses this information to determine the amount someone will receive.
People need to have 40 credits before they retire to qualify. In 2022 one credit is worth $1,510 and you can earn 4 per year.
Related: SSI: Payment schedule for every month in 2022
What’s the most you can get in benefits?
The most a person will receive in 2022 for benefits is $4,124. It amounts to $49,497 per year.
Most recipients do not receive that much money per month.
The average is $1,656 for 2022.
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