Social Security Changes for 2022

[conehead433]

6 Social Security Changes for 2022

Here are the key changes to Social Security taxes and benefits that are set to take effect on Jan. 1, 2022.

www.investopedia.com

• Social Security recipients got a 1.3% raise for 2021, compared with the 1.6% hike that beneficiaries received in 2020.
• Maximum earnings subject to the Social Security tax also increased—from $137,700 a year to $142,800.
• Other changes for 2021 included an increase in how much money working Social Security recipients can earn before their benefits are reduced and a slight rise in disability benefits.
• Social Security tax rates remain the same for 2021: 6.2% on employees and 12.4% on the self-employed.
• It now takes $1,470 to earn a single Social Security credit, up $60 from 2020.

So because of Congress continually stealing money from SS it is evident that something needs to be done to shore up SS for the future. Step one is to make it against the law for Congress to steal or reallocate any SS funds. Step two is to increase the maximum earnings threshold to at least $250,00, but why not $500,000 or $1,000,000. Those are the only changes needed to save it. I'm sure the rich would prefer that the tax rate go up and not the earnings threshold. Rather than tax them (the rich) more just add more taxes to the working poor. That seems to be the way the US has always done it.

 

[SmCaudata]

The earning threshold should stay the same, but then kick back in again at $500k or something.

Taking capital gains as income would go a long way too.

The high salaried earners (doctors, lawyers, etc) already pay the most. We need to get self employed financial folks that skate by paying nothing.

We also need to tax wealth. Stock options allow tax free money with ways to bypass inheritance.

 

[nickqt]

Remove the Social Security Income cap and it's solvent forever.

Next.

 

[SmCaudata]

Remove the Social Security Income cap and it's solvent forever.

Next.

Eventually yes. But without fixing loopholes that the real high earners use it just taxes the highest taxed (by percantage) more while the billionaires skate by. Also, reimbursement caps, which is why it was capped in the first place.

 

[IronWing]

Remove the Social Security Income cap and it's solvent forever.

Next.

Only if we tax capital gains as regular income, subject to SS tax.

 

[imported_tajmahal]

Inflation is rising far faster than any COL increase. So far this year

2021	1.4​	1.7​	2.6​	4.2​	5.0​	5.4​	5.4​	5.3​

Historical Inflation Rates: 1914-2026

The table displays historical inflation rates with annual figures from 1914 to the present. These inflation rates are calculated using the Consumer Price Index, which is published monthly by the Bureau of Labor Statistics (BLS) of the U.S. Department of Labor. The latest BLS data, covering...

www.usinflationcalculator.com

 

[Lost_in_the_HTTP]

Not everyone who pays in should be able to draw out, based on other retirement income, but I'm not sure what the cutoff point should be. Maybe ten times the Poverty income level? Maybe five times? Clearly many people don't NEED it while a significant number do.

 

[SmCaudata]

Not everyone who pays in should be able to draw out, based on other retirement income, but I'm not sure what the cutoff point should be. Maybe ten times the Poverty income level? Maybe five times? Clearly many people don't NEED it while a significant number do.

Everyone retires. Well most do. It is a government pension. It has to pay out to everyone

 

[Lost_in_the_HTTP]

Everyone retires. Well most do. It is a government pension. It has to pay out to everyone

Nuh-uh.

 

[sportage]

People on SS "should" see a nice raise of some 6% due to inflation. The highest increase ever, if I heard correctly.
But many people on SS believe that the government will suddenly fudge the inflation figures at the last minute to greatly reduce that 6% down to 2 or 3% and thus reducing the raise.

And I tell my trumpie relatives all the time because they have a tendency to forget (deny). THAT... it was Donald Trump who eliminated the SS withholdings from workers paychecks during the pandemic so that workers could have more take-home pay. SS withholding was temporally ceased for months to give wage earners more loot. However.... what people forget is that Donald Trump ""HINTED"", hinted strongly at making this permanent in his second term once he was re-elected in 2021.

So trumperies, had Trump been reelected and had his way, no SS withholding would have been withheld ever again from wage earners paychecks. And you know what THAT would mean, the end of SS.
And remember..... THIS is exactly what republicans in congress have been wanting to do for years and years, to kill off that entitlement started by democrat president FDR. Republicans in congress HATE social security, they HATE medicare, they HATE every one of those safety nets began by president FDR.

If Donald Trump had been reelected or is again to be elected in the future, say goodbye to social society as we know it. Instead, all those on SS will get a turkey at Christmas and a $1000 tax voucher that they can use every April 15th. And that's about it....
Goodbye retirement, hello Walmart greeter.

 

[dank69]

Inflation is rising far faster than any COL increase. So far this year

2021	1.4​	1.7​	2.6​	4.2​	5.0​	5.4​	5.4​	5.3​

Historical Inflation Rates: 1914-2026

The table displays historical inflation rates with annual figures from 1914 to the present. These inflation rates are calculated using the Consumer Price Index, which is published monthly by the Bureau of Labor Statistics (BLS) of the U.S. Department of Labor. The latest BLS data, covering...

www.usinflationcalculator.com

Thanks Trump.

 

[SmCaudata]

Thanks Trump.

Right? The senate GOP is blocking any tax/spending bill. Anything undesirable regarding the economy is Trumps doing at this point.

 

[nOOky]

People on SS "should" see a nice raise of some 6% due to inflation. The highest increase ever, if I heard correctly.
But many people on SS believe that the government will suddenly fudge the inflation figures at the last minute to greatly reduce that 6% down to 2 or 3% and thus reducing the raise.

And I tell my trumpie relatives all the time because they have a tendency to forget (deny). THAT... it was Donald Trump who eliminated the SS withholdings from workers paychecks during the pandemic so that workers could have more take-home pay. SS withholding was temporally ceased for months to give wage earners more loot. However.... what people forget is that Donald Trump ""HINTED"", hinted strongly at making this permanent in his second term once he was re-elected in 2021.

So trumperies, had Trump been reelected and had his way, no SS withholding would have been withheld ever again from wage earners paychecks. And you know what THAT would mean, the end of SS.
And remember..... THIS is exactly what republicans in congress have been wanting to do for years and years, to kill off that entitlement started by democrat president FDR. Republicans in congress HATE social security, they HATE medicare, they HATE every one of those safety nets began by president FDR.

If Donald Trump had been reelected or is again to be elected in the future, say goodbye to social society as we know it. Instead, all those on SS will get a turkey at Christmas and a $1000 tax voucher that they can use every April 15th. And that's about it....
Goodbye retirement, hello Walmart greeter.

What's funny is if SS were eventually eliminated, I suspect mostly Trump supporters would feel the pain from it in the poorer red states. They'd go the first 30 years of their working life buying bass boats and pick ups, before they realized that !shit! I ain't got no money to retire on.

 

[SmCaudata]

SS should be optional. Guess who'd opt out of it? Likiely


What's funny is if SS were eventually eliminated, I suspect mostly Trump supporters would feel the pain from it in the poorer red states. They'd go the first 30 years of their working life buying bass boats and pick ups, before they realized that !shit! I ain't got no money to retire on.

I'm assuming the optional comment was not serious. If it were optional, I'd opt out. So would every high paying wage earner. With funding only coming from the median and below wages, the system would collapse and we'd have a crisis in 30 years.

 

[fskimospy]

6 Social Security Changes for 2022

Here are the key changes to Social Security taxes and benefits that are set to take effect on Jan. 1, 2022.

www.investopedia.com

• Social Security recipients got a 1.3% raise for 2021, compared with the 1.6% hike that beneficiaries received in 2020.
• Maximum earnings subject to the Social Security tax also increased—from $137,700 a year to $142,800.
• Other changes for 2021 included an increase in how much money working Social Security recipients can earn before their benefits are reduced and a slight rise in disability benefits.
• Social Security tax rates remain the same for 2021: 6.2% on employees and 12.4% on the self-employed.
• It now takes $1,470 to earn a single Social Security credit, up $60 from 2020.

So because of Congress continually stealing money from SS it is evident that something needs to be done to shore up SS for the future. Step one is to make it against the law for Congress to steal or reallocate any SS funds. Step two is to increase the maximum earnings threshold to at least $250,00, but why not $500,000 or $1,000,000. Those are the only changes needed to save it. I'm sure the rich would prefer that the tax rate go up and not the earnings threshold. Rather than tax them (the rich) more just add more taxes to the working poor. That seems to be the way the US has always done it.

Congress is not stealing money from social security and the idea of saving money for future benefits is also functionally impossible as a concept. The government can’t save money this way! It’s irrational.

Nothing needs to be done to shore up social security right now. In the future we will have to increase taxes or lower benefits but nothing we do now will matter in that respect.

 

[imported_tajmahal]

Thanks Trump.

Are you making the claim that he's still the President? tsk tsk, it's 2021, F Joe Biden is President.

 

[dank69]

Are you making the claim that he's still the President? tsk tsk, it's 2021, F Joe Biden is President.

Are you making the claim that a President's economic policies have immediate effects rather than taking months or years to kick in, or that a President's economic policies cease to have any effect the day he leaves office? tsk tsk, it's 2021, why are you still so stupid?

 

[brycejones]

Are you making the claim that a President's economic policies have immediate effects rather than taking months or years to kick in, or that a President's economic policies cease to have any effect the day he leaves office? tsk tsk, it's 2021, why are you still so stupid?

Taj was too close too many grenade blasts. The effects of so many TBI events has dramatically reduced his already extremely limited cognitive abilities.

 

[allisolm]

And the actual raise in SS will be 5.9% for 2022. In case anyone gets too excited, Medicare part B price expected to be raised "substantially". The left hand giveth while the right hand taketh away. As it has been, it always shall be.

Social Security recipients get 5.9% increase, but rising prices will offset the boost

Social Security recipients will receive an annual cost of living adjustment of 5.9% next year, the largest increase since 1982, the Social Security Administration announced Wednesday.

www.cnn.com

 

[balloonshark]

And the actual raise in SS will be 5.9% for 2022. In case anyone gets too excited, Medicare part B price expected to be raised "substantially". The left hand giveth while the right hand taketh away. As it has been, it always shall be.

Social Security recipients get 5.9% increase, but rising prices will offset the boost

Social Security recipients will receive an annual cost of living adjustment of 5.9% next year, the largest increase since 1982, the Social Security Administration announced Wednesday.

www.cnn.com

Also, many who get SS also qualify for SNAP and HUD benefits. They both adjust their benefit amounst based on your income. So when you get a SS raise they cut their benefits to where you end up breaking even or take a loss.

 

[allisolm]

Also, many who get SS also qualify for SNAP and HUD benefits. They both adjust their benefit amounst based on your income. So when you get a SS raise they cut their benefits to where you end up breaking even or take a loss.

Another left hand, right hand thing.

 

[Lost_in_the_HTTP]

Below $X.00 income should be excluded from Part B premiums.

 

[SmCaudata]

Below $X.00 income should be excluded from Part B premiums.

We should have universal care for Medicare without premiums or co-pays. Our country's Healthcare is a joke.

 

[hal2kilo]

People on SS "should" see a nice raise of some 6% due to inflation. The highest increase ever, if I heard correctly.
But many people on SS believe that the government will suddenly fudge the inflation figures at the last minute to greatly reduce that 6% down to 2 or 3% and thus reducing the raise.

And I tell my trumpie relatives all the time because they have a tendency to forget (deny). THAT... it was Donald Trump who eliminated the SS withholdings from workers paychecks during the pandemic so that workers could have more take-home pay. SS withholding was temporally ceased for months to give wage earners more loot. However.... what people forget is that Donald Trump ""HINTED"", hinted strongly at making this permanent in his second term once he was re-elected in 2021.

So trumperies, had Trump been reelected and had his way, no SS withholding would have been withheld ever again from wage earners paychecks. And you know what THAT would mean, the end of SS.
And remember..... THIS is exactly what republicans in congress have been wanting to do for years and years, to kill off that entitlement started by democrat president FDR. Republicans in congress HATE social security, they HATE medicare, they HATE every one of those safety nets began by president FDR.

If Donald Trump had been reelected or is again to be elected in the future, say goodbye to social society as we know it. Instead, all those on SS will get a turkey at Christmas and a $1000 tax voucher that they can use every April 15th. And that's about it....
Goodbye retirement, hello Walmart greeter.

Damn, 2 years with my new job, and I got almost a 6% raise. New job is making sure what day it is.

 

[Lost_in_the_HTTP]

I rarely know what day it is. Heck, even UPS and FedEx run six or seven days now.