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COLA increases Social Security payment in 2022 – HUGE $147 monthly increase expected in 2023 – How much money will you get?


Changes to social security: increase in the income ceiling

If you work while receiving Social Security benefits, your benefits may be reduced depending on your earnings.

If your income is over $18,960 in 2021, SSA will withhold $1 for every $2 you earn over the limit if you are below full retirement age.

However, starting this year, that threshold has risen to $19,560.

If you reach full retirement age in 2022, you could earn $51,960, which is $1,440 more than the 2021 annual limit of $50,520.

In this case, $1 is withheld for every $3 earned above this threshold.

If you were born in 1960 or later, your full retirement age is 67. For others, it’s 66 years and a certain number of months.



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