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Pension in the USA: three important innovations that await us in 2022

3 Big Changes to the Social Security System That Will Happen in 2022. TheMotleyFool

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Social security will look different next year.

  • Some people will pay more social security taxes next year.
  • Pensioners are queuing up for larger benefits.
  • Pensioners can work more without compromising their benefits.

In the United States, most Americans either pay or receive social security benefits. This is why program changes can affect almost every family.

Some of these changes will take place in 2022, according to a new statement from the Social Security Administration.

Here are three options for how the benefits program will look different after the New Year.

1. Seniors will receive larger checks.

Almost every year, retirees receive a Cost of Living Adjustment (COLA) that increases their benefits. This will be the case in 2022.

In fact, seniors will indeed get the biggest COLA in 40 years and experience a 5,9% increase in profits.

This means that the average Social Security benefit among all retirees will increase from $ 1565 in 2021 to $ 1657 in 2022. Although it is good news that seniors will receive this extra money so that their benefits do not lose purchasing power.

But retirees need to understand that this increase is a direct result of high inflation.

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Retirees must budget carefully to account for the additional costs they will incur due to rising prices in order to make the most of their larger benefits.

2. Pensioners can work more, this does not affect the amount of benefits.

Every retiree has a full retirement age (FRA), which will range from 66 to four months and 67 for those who reach the FRA next year.

If you have not yet completed your FRA, you have the option of claiming retirement benefits if you are at least 62 years old. However, this will mean a reduction in your monthly checks.

There is an important point to keep in mind if you are receiving benefits before the FRA. If you work and earn too much, you lose some of your Social Security income.

The good news is that one change coming next year will allow retirees to make a little more money without the disappearance of their social security benefits.

In 2021, senior workers who did not qualify for the FRA for an entire year were allowed to earn $ 18 before losing $ 960 for every $ 1 in excess earnings.

In 2022, this amount will grow to $ 19. And for those who reach the FRA within a year, the income cap will be $ 560 in 50, after which the benefits will be reduced by $ 520 for every $ 2021 in additional income. In 1, this figure will rise to $ 3.

3. Some workers will pay more social security taxes.

Most current workers pay Social Security tax on all money they earn, but not all.

For some people, earnings exceed the "base wage" cap, which is the maximum annual income taxable for Social Security.

Any money earned in excess of the base salary cap is not taxed and does not count towards retirement benefits.

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The base wage cap will change in 2022, which means that some high-paid workers will eventually be subject to higher social security taxes.

In 2021, the maximum wage subject to Social Security tax was $ 142, but in 800 it will rise to $ 2022.

Since workers pay 7,65% Social Security Tax, this means workers can pay up to $ 321,30 in additional taxes. Self-employed people pay double as they don't have an employer to pay half of their Social Security tax, so they might end up paying $ 642,60 more over the course of the year.

Both current and future retirees need to be aware of these changes to be prepared for how it might affect their tax bills and benefits checks.

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