There is good news for Americans collecting Social Security benefits in 2022. The roughly 70 million who receive Social Security benefits will receive the highest cost of living increase in four decades. The increase was made to offset inflation. Those receiving Social Security and Supplemental Security Income stand to receive a nearly six percent (5.9) increase in benefits.
More specifically, the per month figures are as follows:
- The maximum federal SSI payment increases to $841 from $794 per month for individuals.
- For couples, it will increase to $1,261 from $1,191.
- For married, disabled workers with one or more children, it goes up to $2,383 from $2,250.
- For individual disabled workers, it rises to $1,358 from $1,282.
- For retired workers, it increases to $1,657 from $1,565.
- For widowed spouses, it increases to $3,187 from $3,009.
- For alone, aged widowers, it goes up to $1,553 from $1,467.
- For aged couples, it increases to $2,753 from $2,599.
Keep in mind that the resource limit will stay the same. To receive SSI, countable resources cannot exceed $2,000 for an individual and $3,000 for a couple. The Social Security tax rate will also remain the same at 12.4% for the self-employed and 6.2% for employees.
Other Significant Social Security Changes in 2022
- Substantial Gainful Activity (SGA) is the amount of monthly income a beneficiary can earn before Social Security benefits end depending on the nature of a person's disability. This will increase to $2,260 per month for a blind person (up from $2,190 in 2021) and increase to $1,350 for a non-blind person (up from $1,310 in 2021).
- The Trial Work Period (TWP) is a period of time where a beneficiary attempts to work again and earn income but may also collect Social Security benefits. This increases to $970 a month, up from $940 in 2021.
- To collect 100% of your Social Security benefits, the fully retired age has increased by two months to 67 years old for those born in 1960 or later. This is two months older than the full retirement age of 66 years and 10 months for people born in 1959 or before. The maximum benefit for those who wait until full retirement is now $3,345, up $197 from 2021.
- Earnings needed for Social Security credits have increased. For every $1,510 earned in 2022, you will receive one work credit, up from $1,470 in 2021. A person must earn 40 work credits during their career to qualify for Social Security benefits, with a four-credit maximum per year.
- For individuals collecting Social Security but are still working and under full retirement age, the income limit in 2022 is $19,560. This is up from $18,960 in 2021.
Still Have Questions?
If you are struggling to understand what resources may be available for you or a disabled loved one, or other planning strategies that can help you offset the costs of care, we are here to offer assistance and guidance. Simply contact our Bryan special needs lawyers at 979-703-7014 to schedule an appointment with the mention of this article.