2022 is almost here and there are 7 things you need to know about Social Security!
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00:00 Intro
00:13 COLA
00:45 Max Benefit Increased
01:01 Max Earnings Increased
01:36 New Retirement Age
01:59 Max Taxable Earnings Increased
02:15 New Earnings Requirements
02:33 One Major Problem
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Low Income Relief is a free information service that connects low income people across America with benefits, programs and resources in their local communities. Basically, we help millions of people save money and get free stuff every year!
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2022 is almost here and there are 7 things you need to know about Social Security!
I’m Nicole from Low Income Relief, where we help millions of people save money and get free stuff.
First, there is a COLA increase. If you receive Social Security benefits (including SSI and SSDI), you’ll see a 5.9% increase in 2022. That’s an average monthly increase of $92 for retired workers and $133 for people receiving SSDI. By contrast, the 2021 COLA was just 1.3%.
Second, the maximum monthly Social Security benefit has increased. In 2022, the maximum benefit will be $3,345 per month. That’s an increase of $197 over the 2021 maximum.
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7 Critical Updates to Social Security in 2022
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