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If you earn above the maximum in any one year, the SSA will only use the maximum to calculate your benefits. Maximum taxable earnings increased from $142,800 in 2021 to $147,000 in 2022.
Thanks to the new COLA, the average benefit for all retired workers will rise to $1,827 a month in 2023 from $1,681 in 2022, according to an SSA Fact Sheet. For spouses, the average benefit will ...
2022. 5.9%. 2023. 8.7%. 2024. 3.2%. Source: Social Security Administration. Social Security uses inflation data from July, August, and September of the previous year to determine the upcoming year ...
The Social Security Administration (SSA) provides benefit estimates to workers through the Social Security Statement. The Statement can be accessed online by opening an online account with SSA called my Social Security. With that account, workers can also construct "what if" scenarios, helping them to understand the effect on monthly benefits ...
The Social Security Administration collects payroll taxes and uses the money collected to pay Old-Age, Survivors, and Disability Insurance benefits by way of trust funds. When the program runs a surplus, the excess funds increase the value of the Trust Fund. As of 2021, the Trust Fund contained (or alternatively, was owed) $2.908 trillion.
The Social Security Administration was established by the Social Security Act of 1935 and is codified in 42 U.S.C. § 901 (49 Stat. 635). It was created in 1935 as the "Social Security Board", then assumed its present name in 1946.
When you get your November 2022 payment, however, it will still reflect this year’s 5.9% COLA — an adjustment that has done little to help seniors deal with an inflation rate that has been ...
SGA does not include any work a claimant does to take care of themselves, their families or home. It does not include unpaid work on hobbies, volunteer work, institutional therapy or training, attending school, clubs, social programs or similar activities: [6] however, such unpaid work may provide evidence that a claimant is capable of substantial gainful activity. [7]