What changes to Social Security were made in 2022? Beginning last month there were many changes to the Social Security program. Some of these changes include but are not limited to an increase in benefits due to the COLA, an increase in the maximum monthly benefit, and an increase in the amount of earnings subject to the payroll tax.
What is the average monthly benefit in 2022? The average monthly Social Security benefit for 2021 was $1,565. With a 5.9 percent Cost of Living Adjustment (COLA) increase, the average monthly Social Security benefit for 2022 is now $1,657.
Were there any changes to Medicare? Yes. The Medicare Part B premium increased. In 2021 it was $148.50 and in 2022 the premium is now $170.10. And there was an increase in the annual deductible for all Medicare Part B beneficiaries. In 2021 it was $203 and the deductible for 2022 is now $233.
Are there any future changes coming? Potentially. The Social Security 2100: A Sacred Trust Act was recently reintroduced to the House of Representatives. If this bill is passed, it has the potential to increase benefits and strengthen the trust fund. Keep an eye on this piece of legislation and the changes it may make to the program.
Learn more about other recent Social Security changes.