This 2022, the Social Security Administration (SSA) continues to send, month after month, money to retired workers and other beneficiaries, such as those who receive Supplemental Security Income (SSI). Nevertheless, Big changes are coming for America’s leading retirement program.
Changes in Social Security checks: how much you could collect now and what they are
It is important to mention that the amount that the SSA sends to each beneficiary depends on different factors, such as retirement age, years of work, salary, as well as the annual cost of living adjustment (COLA). This year, Average payments for retired individuals are $1,657 per month, but could change considerably next year.
According to an analysis by the Committee for a Responsible Federal Budget (CRFB), if inflation levels remain high, payments could increase up to 10.8% for next year, while the SSA estimates an increase of 8%.
If the COLA for 2023 is 10.8%, the average payments would increase to $1,837while, following the projections of an SSA official, an 8% increase would bring the average check to about $1,790.
The official increase in checks will be announced in October and will take effect from the payments of January 2023.
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Other changes to Social Security
In addition to a historically high cost of living adjustment, high-earning workers could pay more into Social Security next year and some retirees can probably expect to collect morein accordance with The Motley Fool.
Secondly, income thresholds for receiving disability benefits may increase. Another Social Security change expected in 2023 is that work-for-life credits are a bit more difficult to obtain, that is, more income would be necessary to obtain a loan.