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Social Security Payment 2022: Check If You Get An Additional $200 In January

The COLA increases for 2022 have already been applied to new Social Security payments for January. Also, the very first checks have already begun to appear in bank accounts.

Benefits will get the biggest COLA ever this year, with a 5.9% boost to account for rampant and abrupt inflation during the pandemic.

Eligibility Criteria To Qualify For An Additional $200 In January

Whereas each person’s Social Security payment is determined by their earnings and years of employment, a small proportion of people will receive an additional $200 or above per month in their payout check. One would have required to have received at least $3,389 per month in 2021 for a 5.9% rise to bring in an extra $200 per month in benefits. In 2021, the maximum benefit for someone retiring at the age of 70 was $3,895.

The Social Security Administration specifies the maximum paycheck that is subject to Social Security taxation. This statistic fluctuates year to year to account for inflation and is used by the Social Security Administration to calculate the maximum Social Security income. If you earn more than the maximum in any given year, the SSA will only compute your benefits based on the maximum. In 2021, the maximum taxable earnings increased to $147,000, up from $142,800 in 2021.

Your Retirement Age Will Determine Your Maximum Benefits

The maximum benefit is determined by the age at which you retire. For example, if you retire in January 2022 at the age of 67, which is the full retirement age, your maximum payout will be $3,345. According to the Social Security Administration, if you retire at the age of 62 in 2022, your maximum payout will be $2,364. Your maximum benefit would be $4,194 if you retired at the age of 70 in 2022.

To figure out how much benefit you’ll get with the new COLA amendments, go to the Social Security website and enter your Social Security number and employment history.

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