- Social Security recipients will get a 5.9% raise for 2022, compared with the 1.3% hike that beneficiaries received in 2021.1
- Maximum earnings subject to the Social Security tax also increase for 2022-from $142,800 a year to $147,000.
- Other changes for 2022 include an increase in how much money working Social Security recipients can earn before their benefits are reduced
Prior to reaching full retirement age, you will be able to earn up to $19,560 in 2022. After that, $1 will be deducted from your payment for every $2 that exceeds the limit. The 2022 annual limit represents a $600 increase over the 2021 limit of $18,960.2
- Social Security tax rates remain the same for 2022: 6.2% on employees and 12.4% on the self-employed.
- It now takes $1,510 to earn a single Social Security credit, up just $40 from 2021.2