Social Security Benefits Increase for 2022? NEW Changes. Understand Them & How They Impact You

Ben Fuchs talks about the important changes to Social Security benefits this year. If you are nearing the age of retirement, this information is important to know so that you are not penalized when taking Social Security and so you can get the most out of your benefits.
Below are some of the 2022 changes:
1. Maximum Taxable Earnings Rose to $147,000
2. Full Retirement Age Continues to Rise. If you turned 62 in 2021, then your full retirement age is 66 and 10 months.
3. Social Security Disability Benefits Increased from $1,282 in 2021 to $1,358 per month in 2022.
4. Credit Earning Threshold Went Up. For 2022, it will take $1,510 in earnings per credit, up $40 from 2021.
5. Earnings Limits for Recipients Were Increased. Prior to reaching full retirement age, you will be able to earn up to $19,560 in 2022.

For more specific information and exact numbers, click here to view the Social Security Administration Fact Sheet for 2022 changes: https://www.ssa.gov/news/press/factsheets/colafacts2022.pdf

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