Which social security beneficiaries will receive an extra $ 200 in January?
Which social security beneficiaries will receive an extra $ 200 in January?

Which social security beneficiaries will receive an extra $ 200 in January?

The COLA increases for 2022 have been applied to new ones Social security payments for Jyearlyand the first checks have already begun to hit bank accounts.

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This year, the highest COLA ever will be applied to benefits, with an increase of 5.9% to account for violent and sudden inflation during the pandemic.

While each person’s social security benefit will depend on their earnings and the number of years worked, there is a small group that will receive an additional $ 200 or more per month in their benefit check. For an increase of 5.9% to result in an additional $ 200 per month in benefits, you should have received at least $ 3,389 per month in 2021. The maximum benefit for a person who has retired at age 70 in 2021, was $ 3,895.

The Social Security Administration sets a maximum amount of income to be taxed by Social Security. This figure changes from year to year to adjust for inflation and is the amount on which SSA calculates the maximum social security benefit. If you earn above the maximum of one year, SSA will only use the maximum to calculate your benefits. Maximum taxable income increased from $ 142,800 in 2021 to $ 147,000 in 2022.

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The maximum benefit depends on the age at which you retire. For example, if you retire at age 67, which is full retirement age, in January 2022, your maximum benefit will be $ 3,345. But if you retire at age 62 in 2022, your maximum benefit will be $ 2,364 according to SSA. If you retire as a 70-year-old in 2022, your maximum benefit will be $ 4,194.

It is important to use the Social Security website with your personal CPR number and work history to determine exactly how much benefit you will receive with the new COLA adjustments.

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