These Social Security Changes Could Impact Any Senior in 2022

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Social Security is a program based on a common purpose, but every senior’s experience with it is different.

Amounts earned and age taken can vary greatly. However, a couple of upcoming changes to the program could impact seniors in any income bracket and even those who haven’t taken out their benefits yet.

Consider the wage cap increase — previously, the cap for Social Security taxes was at $142,800. However, that’s up to $147,000 this year.

While conventional wisdom says this would help cover the program’s debts, it’s important to note that with rising inflation, this number wouldn’t go extremely far in a bigger city or high cost-of-living area. This means some middle-class retirees could slip down the economic ladder.

Add in the coming changes of work credits going from $1,470 to $1,510, and it can have soon-to-be retirees waiting longer to claim their benefits.

Whether you’re a current or future retiree, NORA fights for you on the legislative floor. Follow us on Facebook and Twitter to learn more.

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