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Five changes are coming for Social Security in January, especially for retired and disables Americans

FingerLakes1.com
FingerLakes1.com
 2021-10-19
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Supplemental Security Income, or SSI, is something collected by millions of Americans as a source of income when they’re retired or disabled. Five major changes are coming in 2022.

Statistically speaking, 33% of income for the elderly population is SSI, so these changes will impact millions.

So what are these major changes to social security?

COLA was announced to be 5.9% for 2022

Starting Jan. 1, 2022, retired and disabled Americans who collect on SSI will see a major boost to their monthly checks.

The increase is the largest in recent history, and the average dollar amount people can expect is around $92 more dollars. Couples that collect will see an increase of around $154.

Expect a notification in the mail from social security about your specific situation sometime in December.

Disabled Americans are seeing the same increase in monthly SSI

That 5.9% applies to social security disability insurance as well.

The average increase beneficiaries can expect will be around $76.

This income works to offset permanently disabled Americans who can no longer work the way they once could.

How much you earn while you collect SSI will have the limit increased

Many people work while collecting SSI.

If a person collects over $18,960 in 2021, SSA takes and holds $1 for every $2 earned over that limit.

Beginning in 2022 the limit will be $19,560.

Credit earning amount will increase

For anyone born after 1929, they need to earn 40 credits over their entire working life in order to qualify for benefits.

The maximum is 4 per year, and a single credit this year is worth $1,470. Come 2022 that necessary amount increases to $1,510.

For disabled Americans the number of required credits depends on the age when the disability happened.

Anyone who still works will pay higher taxes

The COLA goes up and so does the maximum earnings amount that are subject to social security tax.

The increase will go from $142,800 to $147,000 after an increase in average wages.

The higher a persons salary, a larger proportion of their salary will be taxed.

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Comments / 572

pumpkin time
10-20

since the government is giving monthly payments to people with kids, they should give the same to seniors and people on disability

Reply(58)
429
Beanies
10-19

Government doesn't care about the elderly and disabled people. They would love to see us die. We don't contribute to society so we're not important. They know they could use the extra money to line their pockets and take better care of the immigrants. This administration is not for America or the American people.

Reply(57)
290
Rick Ashby
10-19

Oh sure and it will do and mean nothing. Medicare will once again raise more than whatever they bestow on us. They could care less and we live too long. Sad but true

Reply(38)
271

Comments / 0