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Social Security Benefits Set for Maximum Rise in Nearly 40 Years and Millions of Retirees Will Benefit by 2022

#Roommates, the Social Security Administration was shocked by the majority recently announced that major updates have been made social security payment. Millions of retirees are set to receive the most social security payments in nearly 40 years-and payments are set to start next year.

Reports on @APNews, to keep going increase in the cost of living, the Social Security Administration has confirmed that retirees who receive compensation will receive a 5.9% increase in their benefits starting in 2022. This increase is reported to be the most in 39 years and is a direct response to many inflationary costs. exacerbated by COVID. -19 pandemics.

Retirees will receive an additional $ 92 a month based on early estimates, amounting to $ 1,657 in monthly benefits. Meanwhile, the couple’s benefits will rise to $ 154 or $ 2,753 a month. However, the increase in approval is an effort to compensate for how many recipients spend on food, gas, rent / loans and other necessities.

In case you need a revitalization, social security is done through payroll tax collected from workers and their employers. Both workers and employers pay 6.2% of wages, which is adjusted annually for inflation. By 2022, the maximum income subject to social security wage taxes will rise to $ 147,000.

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Bohan Shmidt
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