Ep 37: Social Security Changes You Need to Know About

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What changes should we expect to see with Social Security in 2022? Some of the changes could affect your check or your company paycheck. We’ll explain how the cost of living has been adjusted and answer a listener’s question about when to collect Social Security.

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Show Notes

Today we’re sharing some Social Security changes and how they could affect your life. Social Security is a foundational piece of retirement. For some, it might mean a whole lot more than it does for others. But either way, it is a guaranteed source of income from the U.S. government.

Social Security can make a big impact on your life and how much you need to withdraw from your portfolio. Here are some changes that could affect you.

Generous cost-of-living adjustment

Inflation has held pretty steady at low rates, so historical cost-of-living adjustments didn’t change much. But inflation has been pretty high lately, so Social Security recipients can expect to see their Social Security rise by 5.9%.

Medicare Part B also went up. The standard monthly Part B premiums will cost $29.60 more in 2022 compared to 2021.

In this episode, we talk about the other changes:

  • Higher wage cap
  • Higher earnings test limit
  • Higher earnings threshold
  • Working until 70

Listen to the full podcast or use the timestamps below to jump to a specific section.

[3:12] Cost-of-living

[10:13] Higher wage cap

[12:05] Higher earnings test limit

[14:47] Higher earnings threshold

[17:45] Mailbag: Work until 70?

Thanks for checking out this episode. We’ll talk to you again soon.

“Social Security is a foundational piece of retirement. For some it might mean a whole lot more than it does for others. But either way, it is a guaranteed source of income from the U.S. government.”

-Scott Sierens