The new year can be a chance for a new start. Maybe you have goals for this year involving travel, hobbies, or even finances. Planning for 2022 can be a little easier when you know what to expect concerning changes to Social Security.
What Social Security changes are coming this year? The first update to the program is likely the most welcome: a robust cost-of-living adjustment. 2022’s COLA of 5.9 percent will boost the average monthly benefit by more than $100, according to The Motley Fool.
Next, the earnings-test limit will go up this year. That means that seniors who choose to work can make more without an impact to their benefits. Beneficiaries can now earn $19,560 per year without seeing any benefits cuts.
At The Seniors Center, we want seniors to receive all that they’ve earned—and we want their benefits to be protected in the future. That’s why we’re calling on Congress to pass the Social Security Lock-Box Act in 2022. This important piece of legislation would keep Social Security’s funds safe from government interference. If you’re ready to help us reach this goal in 2022, then take action today!