5 social security numbers to know in 2022 | Personal Finance – Community News
Social Security

5 social security numbers to know in 2022 | Personal Finance

$1,510

This is the value of a work credit in 2022. Eligibility for Social Security depends on earning enough work credits during your lifetime – specifically 40. The maximum number of work credits you can earn per year is four.

Last year, a work loan was worth $1,470 in income, but this year, employees will have to make more money to get one. This change won’t affect full-time employees, but if you work part-time, you may need to ramp up your hours if you’re concerned about not losing your four work credits this year.

$19,560

This represents the income-testing limit for 2022. If you are working and receiving Social Security at the same time and you have not yet reached full retirement age (FRA), there is a limit to how much you can earn before you risk having some of your benefits withheld. . (Note that once you reach FRA, you can earn any amount without affecting your benefits.)

If your earnings exceed $19,560 this year and you have not yet joined FRA, you will be withheld $1 in Social Security for every $2 you earn. That money won’t be lost forever — it will be paid out to you later, once you reach FRA.