SSA Benefits Increasing 2022

65 million Americans receives a monthly payout

Beneficiaries are getting their biggest "raise" in nearly four decades

COLA for 2022 came in at 5.9% the biggest increase since 1983 - 7.4%
For context, last year it increased by 1.3%
***designed to keep beneficiaries on par with inflation and not help them "get ahead."
Seniorsleague.org did a study in 2019 and determined that the purchasing power of Social Security benefits have lost 33% since the year 2000

FRA or Full Retirement Age is increasing 2 months from 66 years and 10 months for persons born in 1959 to 67 years for anyone born in 1960 or later.

Prior to FRA permanent reduction to your monthly payout.
Wait after FRA, can receive more than 100%
If you wait till past age 70 you can receive 132%
https://www.ssa.gov/benefits/retirement/planner/1943-delay.html

High earners will pay more in taxes

Last year, the Social Security program collected just shy of $1.12 trillion in income. Approximately $1 trillion was the result of the 12.4% payroll tax on earned income (wages and salary, but not investment income).
This year the payroll tax was up to $142,800
2022 rising by $4,200 to $147,000 which affects about 6% of Americans - extra $520.80

Maximum monthly payouts are increasing

This year maximum monthly benefits at full retirement age were capped at $3,148.
2022, the maximum monthly payout is increasing by $197 a month to $3,345.
How to receive max payout
Wait until FRA
Work at least 35 years
Perfectly hit or surpass the maximum taxable earnings cap for the 35 years the SSA uses to calculate their monthly payout.

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Social Security Biggest Raise In 40 years | Taxes Are Going Up