The year is winding down fast, the seasons are changing, and many people are already looking ahead.

Another thing that’s changing is the state of Social Security as we know it. Retirees may have things in order now, but the program they paid into will look a little different in the new year.

Let’s run through some of the top Social Security changes coming in 2022 according to TheMotleyFool.com.

Social Security Benefits Are Going Up – for Everyone

Retirees have heard about cost of living adjustments before, but there have been vocal concerns that the standard increase may not have sufficed for today’s economy.

Thanks to unprecedented economic changes over the past two years coupled with ongoing debt and inflationary problems, benefits simply aren’t going as far as they used to. Thankfully for seniors, the upcoming COLA is the biggest in four decades.

While many call this type of Social Security change a raise, it’s more like an adjustment to reduce the amount of purchasing power the program has lost thanks to inflation, debt, and other factors.

When we say benefits are going up, it’s true for even high earners, as the max monthly benefit for wealthier retirees increases by $197, provided these retirees have met all necessary criteria. Those disabled individuals who depend on the program will also be eligible for an extra $480 yearly.

Higher Earners Will Pay More Into Social Security

While it’s true that higher-earning retirees will be eligible for a bigger payout, those wealthy individuals paying into the program will also be paying more.

The maximum taxable threshold will rise by $4,200 next year to $147,000. This is good news for seniors who are worried that their payouts are in jeopardy due to an uncertain economy. While it doesn’t mean the program won’t face continued problems, it does mean steps are in motion to protect what retirees have earned.

Here at NORA, we’re proud to do our part to make sure retirees get a fair yearly COLA. If you’re proud to be behind this cause as well, we want your name on our petition. Don’t forget to follow us on Facebook and Twitter for more information about Social Security changes coming up soon.