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3 Shocking Social Security Changes 😲| yoursearchbox

Social Security changes is big news again. Why? Because inflation is back. Social Security is back on the front page because seniors are again feeling the pinch to their buying power. This blog is designed to demystify Social Security and inflation so that you stay ahead of the curve.

Social Security is one of the biggest contributors to the federal budget. The changes that the program has gone through over the decades have made it one of the most important parts of the budget. If you want to know more about social security changes, here’s what you need to know.

Key Takeaways
  • Retirement Payments for Social Security is estimated to increase by 5.9% in 2022.
  • Retirement Age: For those who are born in 1960 will have to wait for retirement, as the retirement age is increased to 67.
  • Those beneficiaries who have not yet fallen into full retirement age can earn up to $19,560 before their benefit is temporarily withheld

Rise in Social Security Payments

  • If you are married and you both are receiving benefits then your social security payment will raise from $154 to $2,753 per month.
  • For retirees, this is estimated to climb by $92 to $1,657 per month. The reason behind the rise is the cost-of-living adjustment.
  • A certain percentage of your payments will also be used to pay medicare premiums.

Retirement Age

If you have turned 62 and probably thinking to claim your social security benefits, you need to wait. Those who are born in 1960 or later, will have to wait till the age of 67 to get the social security benefits as the retirement age has been changed.

We hope you enjoyed our blog about how social security changes. We know that the world of social security rules is a confusing one and that you might be a little unsure about what to believe. We hope that this blog post was able to give you some great insight into the world of social security and that you’ll never have to worry about making a bad investment! If you have any questions or concerns, please don’t hesitate to contact us at. We’re always happy to help!

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