# Roommates, Social Security Administration surprised many with the recent announcement that major updates have been made Social security payment. Millions of retirees are set to receive the largest increase in social security benefits in almost 40 years, and payments are expected to begin next year.
@APNews report to keep up Rising living expensesThe Social Security Administration has confirmed that retirees who receive payments will see a 5.9% increase in benefits after 2022. This increase, reported to be the largest in 39 years, is a direct response to the huge inflation costs exacerbated by COVID. -19 Pandemic.
Retirees will receive an additional $ 92 / month and $ 1,657 / month based on initial estimates. Meanwhile, the couple’s profits will increase by $ 154 or $ 2,753 a month. However, increased approval is an effort to cover the amount many beneficiaries spend on food, gas, rent / mortgages, and other necessities.
If review is required, social security is made possible by the payroll tax levied on the worker and his employer. Both workers and employers pay 6.2% on wages. This is adjusted annually for inflation. By 2022, the maximum amount of income subject to social security payroll tax will increase to $ 147,000.
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Social security benefits set for the largest increase in almost 40 years and millions of retirees will be benefited in 2022
Source link Social security benefits set for the largest increase in almost 40 years and millions of retirees will be benefited in 2022