Social Security Benefits change every year - and here's an update for 2022:
- There's a 5.9% Cost of Living Raise, but AMAC Foundation Social Security expert Russell Gloor says it still won't cover the rise in your bills next year. According to Gloor: "The 5.9% doesn't keep up with the inflation we have experienced over the last year." And the cost of Medicare Part B is going up almost $30 a month.
Gloor says there's some good news if you work while your taking your benefits before your Full Retirement Age. "The earnings limit for 2022 is higher than it was for 2021. They can earn a little bit more without encountering a penalty."
There's bit more security for your benefit. Gloor: "People are going to be contributing more to Social Security in 2022 than they did in 2021."