Search

SSI Raise 2022 Update! | Two Checks Worth Up to $1682 Arriving This Month?!

In case you weren’t already expecting this, April is your lucky month because you will be receiving two checks this month instead of just the one worth up to a total of $1682. This is because the May 1st payment falls on a Sunday this year. And when that happens, benefits are issued on the Friday before. So you will be getting your second check on April 29th. Even though the schedule is only impacted by a couple of days, it’s worth it to keep in mind. As for Social Security claimants, nothing will impact the schedule this month so they can expect to receive their payments on their specific Wednesday date. Social Security payments are paid out on three different Wednesdays of the month depending on your birth date.


In other news, a new portal for Medicare claimants is also in the works to help target ways to save money on healthcare and drugs. President Biden had the following remarks to say ahead of signing this order, “You should be able to apply for Social Security benefits without needing to go to a Social Security office and have Medicare proactively reach out to you with the tools you need to manage your health and save money”. According to Bloomberg, other Americans who receive benefits such as food stamps will also find it easier to receive them and to confirm eligibility and income. While the order should serve a positive purpose for benefit claimants across the US, however it is still not yet clear as to when the measures will be implemented. Now if you are between your full retirement age and age 70, and are already receiving benefits, you can actually halt your monthly payments and restart them later on, in order for your benefits to start growing again.


During a suspension, a person can earn what’s called “delayed retirement credits”, which boosts the eventual benefit by 8% each year. However, keep in mind that you can only earn delayed retirement credits until the age of 70, meaning there’s no point to delay them further beyond that age. Remember the point is to maximize your benefit at the right time for you. Each individual’s situation will be different based on their circumstances. Social Security beneficiaries can also expect income limit changes to their benefits next month.


As many of you know, if you work while collecting Social Security benefits, then your benefits may be reduced, depending on how much you earn. So if your income was more than $18,960 during 2021, the Social Security Administration will withhold $1 for every $2 you earn over the limit if you’re below the full retirement age. However, starting from 2022, this threshold will increase to $19,560. If you reach full retirement age in 2022, you’ll be able to earn $51,960 next year – up by $1,440 from the 2021 annual limit of $50,520. In that event, $1 is withheld for every $3 earned over that threshold. If you were born in 1960 or later, your full retirement age is 67. And for others, it’s 66 and a certain number of months.

16 views0 comments