Social Security Changes In 2022 That Are Likely To Affect Its Beneficiaries
Social Security has been around for quite a while now as it gives both disabled and elderly Americans a helping hand financially. It’s worth noting, however, that the program has undergone several changes over the decades, and here are some of the updates that are scheduled to go live come 2022.
An increased wage cap
One of these changes is an increased wage cap for Social Security tax purposes. Workers are not paying the Social Security taxes on the entirety of their earnings. There’s a wage cap being set up annually as this decides how much income will be applied with taxes, according to The Motley Fool.
Earnings reaching up to $142,800 are being subject to the program’s taxes in the current year. In 2022, the wage cap will be upped to $147,000. Meanwhile, folks who are earning less will not be affected by such change, though individuals who are earning otherwise could be losing more of their income to Social Security.
An increased earnings test limit
It’s likely to accrue Social Security while at the same time holding down a job. If an individual does such before reaching their full retirement age, that person will be required to abide by the earnings test limit if they want to dodge having a part of their benefits being withheld.
Additionally, the limit is updated annually. Currently, people can earn up to $18,960 minus the worry of their benefits getting impacted. By next year, the limit is scheduled to increase up to $19,560.
It needs to be pointed out that the earnings test limit will differ for people who are about to reach their full retirement ages. If one is about to reach the FRA this year, the person can earn up to $50,520 with their benefits in one piece. By 2022, it will be increased to $51,960.
Changes on earnings threshold to earn work credits
For one to be eligible for the program’s benefits a person needs to accrue 40 work credits in their lifetime at four credits max annually. Further, the work credit’s value can get altered from one year to the next. As of late, $1,470 is the equivalent of single work credit as this will be increased to $1,510 by 2022.
Such tweaks won’t affect workers provided that they are working full-time. The same thing goes for those who are earning the minimum federal wage. Otherwise, one may need to do some adjustments to their working hours to make sure that they’re earning the work credits they desire.
COLA’s 5.9 percent increase
Of course, this won’t be complete without mentioning Social Security’s yearly cost-of-living adjustments. In previous years, however, such tweak has been deemed as stingy by many since it’s bound to inflation data.
In 2021, inflation is very much felt by a lot of Americans as this prompted Social Security to apply a substantial boost on it. That said, in 2022, beneficiaries of the program are bound to get a 5.9 percent hike on their benefits – the highest one so far in forty years.
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37 Year Old Ryan Marlow Loses His Grandmom; What Claimed Her Life?
Ryan Marlow, a pastor from Wilkis County lost his grandmother Margie recently. This news was confirmed by his wife Megan Marlow.
Ryan Marlow’s Passes Away
The North Carolina pastor who has been in a coma since late September 2023 due to a swelling in his brain is being under extensive medical care.
Although his condition has improved he is still in a coma. His family members are already under deep stress because of his condition and now his grandmother’s sudden death has shattered them.
Marlow was deeply attached to his grandmother. Her death has shocked him as well since he has started responding to various things. Therefore, it will be safe to say that he has an idea that his grandmother has passed away.
The worst part is he is unable to express his grief verbally due to his physical condition. It is worth noting that Ryan Marlow has been receiving home healthcare. He was admitted to the hospital last month when he contracted a food-borne disease.
Doctors discovered that Ryan had another UTI which is the primary reason behind the dramatic increase in his muscle tone. But fortunately, he has been recovering quite well.
His wife recently revealed that Ryan Marlow is getting stronger on the right side and is even making efforts to speak. In fact, he was once declared dead by the doctors but he came alive which was nothing less than a miracle.
How Did Ryan Marlow’s Grandmother Die?
Well, as announced by his wife Megan Marlow, his grandmother Margie was hospitalized for a few days back in their hometown.
She was diagnosed with pneumonia. Her condition deteriorated, ultimately leading to her death. It is really saddening that Eyan Marlow won’t be able to attend his grandmother’s funeral.
Her death in the early hours of January 20, 2023, has left everyone shocked. Many people are posting condolence messages over various social media platforms.
People who knew Margie termed her to be a sweet and thoughtful lady. She was a loving and caring mother, wife, and grandmother.
She was fond of Ryan and was heartbroken when he went into a coma. He has been receiving healthcare in Tennessee for a few months therefore the grandmother-grandson due could not meet each other for the last time.
It is not known if Megan will attend Margie’s funeral since she has the one taking care of Ryan. She will probably not be able to leave him alone.
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Dave Silverbrand, the Reputed Hournalist Died at the Age of 76
The renowned journalist from King City, California, Dave Silverbrand left for his heavenly abode on January 6th, 2023. The heartbreaking news of his sudden departure was revealed by the North Coast News. The news channel has shared its heartfelt condolences to Silverbrand’s family and loved ones.
Dave Silverbrand was suffering from a major illness in his lungs for the past few months and breathed his last at the St. Joseph Hospital surrounded by his family members. Silverbrand’s memories will stay vivid in everybody’s mind when in terms of journalism whether it is print or television. His followers have been devasted by the untimely departure of the great soul.
Who is Dave Silverbrand?
Dave Silverbrand was a recognized journalist, author, and TV personality in the USA. He has contributed much to the field of journalism which reflects his high intellect and knowledge. Silverbrand was born in King City, Salinas, California on August 13, 1946. After completing high school, he attended San Jose State to pursue journalism.
Soon after graduating, Silverbrand started working as a news reporter at a local channel of Marine. He gradually earned popularity and secured a job at the WGME 13 channel in Portland, Maine. The journalist worked at the channel for more than 20 years. Eventually, he started liking events with human interests. This ultimately inspired Silverbrand to write his popular book Dave’s People: A Maine Television Adventure that got published in 1982.
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Dave Silverbrand’s second book Marvelous Mainers was released in 1984. He also wrote a regular column with the name Dave’s People in Times-Standard. He received much recognition for his feature-style writing. Silverbrand’s contribution to North Coast News is unmatchable in both print and television. He has worked on other channels such as KAEF TV and Access Humboldt channel. Along with that, he also taught journalism at the College of the Redwoods.
How did Dave Silverbrand die?
Dave Silverbrand was admitted to the hospital before Christmas 2022. He was getting treated with fluid in the lungs. The situation got severe in recent times and the beloved journalist breathed his last on 6th January 2023. As per the reports, a public funeral has been organized for the departed soul at St. Bernard Catholic Church in Eureka on January 13 where Silverbrand’s family and friends are expected to be present.
Nina Winogradov, Silverbrand’s wife passed away before him in 2013. She died in an accident near a Eureka-based middle school. The couple spent 20 years together with love. Dave Silverbrand, the journalist who ruled his profession in the 1970s and 80s died at the age of 76 leaving his legacy behind.
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Inflation And Bills Surge – US Seniors Call For Stimulus Checks
Inflation is a growing concern that has made even the basic amenities quite expensive and out of reach for many. Continuous rise in the prices of fuel, food, and other basic necessities is a concern for both working individuals and seniors. Seniors have called for stimulus checks on this red-hot inflation with the continued bill surge.
Bills Surge And Inflation Are Ever Rising
In a report by The National Interest, Americans are facing high inflation even in 2022. The Consumer Price Index is skyrocketing rapidly year after year, making a hole in the pockets of commoners.
CNBC reported that approximately 20% of Americans struggled to pay their energy bill in full at least once during the last year. Fuel oil is roughly 40% more expensive than last year, electricity prices have risen by 6.3%, and natural gas prices have risen by nearly 25%.
This rise in fuel and energy prices has forced around 18% of Americans to keep their house at a temperature considered unhealthy and unsafe. Additionally, around 28% of Americans were forced to skip the necessities due to the inability to pay off the bills.
Struggle Of Seniors Is Still Here
Seniors who rely on Social Security for a living are bearing several issues due to rising energy prices. Beneficiaries did receive good news last fall when the Social Security Administration approved a 5.9% cost-of-living adjustment (COLA) for this year, which will increase Social Security payments by about $90 on average.
However, some experts believe that raises are still insufficient in the current environment.
On this dire issue the Social Security and Medicare policy analyst, Mary Johnson, for the Senior Citizens League, stated, “Social Security benefits have lost nearly one-third of their buying power, 32 percent, since 2000, about the length of a typical retirement.”
Need And Demand Stimulus Checks
Based on the various issues stated, the Senior Citizens League has been on its tiptoes and campaigning for months with the help of the petitions to get approval for the fourth round of the Stimulus Checks. The demand is to directly get $1400 in the accounts of the Social Security Recipients.
In addition to this one petition, six more stimulus check petitions are circulating with an estimated five million signatures.
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