Social Security Changes in 2021 - 2022 | $2,000 For Seniors | Social Security Update | Social Security Increase for 2022

Social Security Changes in 2021 - 2022 | $2,000 For Seniors | Social Security Update | Social Security Increase for 2022

Welcome back, everybody. It's Harry here and welcomes back to our website. We've got some big updates on changes happening with negotiations on the current stimulus package, which could include a stimulus check for seniors as well as changes coming to Social Security benefits 2022. So we've got a lot of important updates for seniors. Please stick around to the end, but before we jump into it, do me a quick favor.

As always, folks, this is a community for seniors, and my job here is to be a voice for you and be a voice for seniors to make sure President Biden and quite honestly, all the politicians are keeping their promises. President Biden specifically promised to increase Social Security, SSI, and SSDI when he was campaigning to become President. He also said he would try and include a stimulus check for seniors in this next stimulus package.

So on this site, we're keeping him to his word and we're advocating for seniors after a lifetime of paying into the tax system, right?

You've paid into Social Security benefits for 20, 30, 40 years, and my job here is to make sure President Biden keeps his promise to increase Social Security benefits. Now we have a lot of things going on with the current stimulus package and Bernie Sanders fight to include a stimulus check for seniors as well as changes coming to Social Security benefits. But really quick, before we jump into it.

You pay $5 a month and that's going to allow you to support our work. So a lot of people can't afford to do this. So don't do it if you can't, but it's just this is my full-time job. So your monthly donation just goes a long way in allowing me to do this full time, to do the research, to take the time to put these videos together for you, and really continue being a voice for seniors. And those who are disabled to get these increase in benefits approved.

And a quick shout out to Doris Hayden. She is our most recent supporter and our most recent member to our channel. Now, if you become a member, you also get priority comment response. So every time you comment, there's a really high chance I'm going to respond to that. And you'll get shout-outs on my topics.

So shout out to Doris Hayden and thank you so much for supporting our community. Now, usually, we start off our videos with daily trending news. Quite honestly, folks, there's really not a ton of trending news right now. Of course, we have everything going on with the pandemic, but we talked about that really on almost every other topic. And I've been looking around for things that will affect seniors, like what's going on in the economy, what's going on in the stock market, the bond market, Social Security benefits.

And quite honestly, there's really not a ton of trending news that affects seniors. The stock market is pretty volatile. Things are up and down. The pandemic continues to get worse. Of course, we have new variants.

So really not a ton of trending news. But before we jump into the stimulus updates, change is happening with the negotiations and change is coming in 2022 to Social Security benefits. Let's do a quick update on the best and worst States to retire in in this country. Now, this is a series I've been doing for a couple of weeks, and currently we're talking about the worst States to retire in. And then in a couple of weeks, we're going to talk about the best dates now coming in at number 17 as the 17th worst state to retire in is Georgia.

And this article says you'll find plenty of coastal beaches and picturesque mountain towns in Georgia, but you may not find a lot of company. Georgia has some of the fewest seniors per capita in the entire country. So I guess there really isn't a ton of seniors in Georgia, meaning it can be kind of a lonely place for seniors to live with. Really not a lot of peers there that you can relate to. Now, people theorize as to why there aren't a lot of seniors in Georgia, and some people say that the healthcare system there really isn't good for seniors.

The cost of treatment is average, but it's hard to access healthcare because there really isn't enough doctors compared to the amount of patients in that state. So basically, even though the cost of living is relatively good, there's a lot of nature and the weather is relatively decent. It's just that healthcare there isn't really good. There's not a lot of doctors and hospitals to take care of the amount of people that actually live there. So let me know in the comments, folks, if you're from Georgia, do you agree with this saying that Georgia is the 17th west state to retire in let me know your thoughts in the comments.

But with that said, folks, let's jump right into the stimulus. Update Bernie Sanders.

Senators is trying to include a stimulus check for seniors. And one of the major changes we're seeing here is that Chuck Schumer is promising to bring this to a vote as soon as the Senate comes back on January 3. So he's essentially trying to shoot shame Joe Mansion, forcing him to vote no against this stimulus package. Right. So Chuck Schumer's plan is to hit bring it to a vote and then tell Joe Manchin, okay, vote no against expanding Medicare to include hearing care.

Vote no for lowering drug costs for seniors in this country. Vote no for a $2000 stimulus check for seniors in this package. Vote no for monthly stimulus payments for families who have kids. So he thinks that he might be able to shame Joe Manchin, basically putting him on record as voting no and that this might be enough to get the stimulus package done now. Quite honestly, folks, I don't think that's going to be enough.

Now, there are some theories floating around that Joe Mansion has been opposing the package because every time he does this, he gets more and more donations from oil companies, coal companies, billionaire companies like that. And the theory is that he's only opposing the package long enough to keep getting donations, keep getting more funding, right? Keep getting his poll numbers going even higher in West Virginia because a lot of Republicans like the fact that he's opposing the package. Right. So there's this theory that he's just doing this for the time being to get more funding, get more poll increases.

And then after a while, he's eventually going to make a compromise with Democrats and help them approve this package once he's gotten what he wants, once he's gotten more donations from his donors, once he's gotten more poll increases from Republicans in West Virginia. So the theory is that he's gotten to the point where he's close to approving this package. Of course, some things will still be taken out. And what we think is going to be removed is the monthly stimulus checks for families that could either be removed or just reduced to about half the amount or even reduce the amount of people who qualify.

So these are the current changes, folks.

We expect Chuck Schumer to bring this to a vote. We expect the reason he's doing this is to try and shame Joe Mansion and put them on record as opposing all of these stimulus programs. But at the same time, we really don't think that's going to work. What we're hoping for is that Joe Mansion is satisfied with the amount of things they're taking out of the package, specifically, probably the monthly stimulus checks for families. And we're hoping that he's had enough donations, for God's sake, that he's gotten enough money from donors, and he's ready to go ahead and work with Democrats to get this done.

See, what's surprising about your Manchester is that historically, over the last 20 years, he's worked with Democrats on major economic packages. This is really the first time that he's broken with them on a major stimulus package. So a lot of experts are thinking that he's going to come around and that 2022 is going to be the year of approving more stimulus and increasing Social Security benefits. So hopefully this comes to fruition. This is currently what's being reported, and this is what we know as of now on December 29.

So those are the current changes, and the Senate is just a few days from coming back in session. So we should have a lot of updates on the next package in just a few days now. As far as Social Security changes, there's a lot of changes coming in 2022. So let's take a quick look. These are the biggest Social Security changes in 2022.

Benefits are going up, but so are the Medicare premiums deducted from monthly checks. Social Security beneficiaries will have a lot to cheer about in 2022, but they may have a few things to grouse about as well. Here's a rundown of what will change for Social Security benefits in the new year. So first is monthly benefits. The biggest change Beneficiaries will see in Social Security in 2022 is a 5.9% Cola adjustment to monthly retirement checks and SSI payments.

The increase is the largest Cola since 1982. The Cola will boost the average retirement check by $92 a month, up to $1,657 per month for the average person on Social Security benefits. Again, this is just for the average person. Most people who watch my channel gets somewhere between $801,000 per month and are only going to get between a 30 and $50 increase. But the average person is going to get a $92 per month increase in Social Security benefits.

This is a classic example of how the rich get richer and the poor get poorer. And this is why Bernie Sanders wants to do an increase in Social Security benefits across the board specifically for those who are low income. Because these collar adjustments actually benefit the higher-income people more than they benefit the lower income. So it's completely unfair. Now, the maximum monthly benefit for a worker who retired at full retirement age will jump by $197 per month to $3,345 per month.

That is the maximum Social Security benefit you could get if you made a high income your entire life and you waited for full retirement age to retire. So this is another classic example of how the rich who made a lot of money during their working years are now getting the highest Social Security benefit as well. And that is completely unfair for people who are lower-income and working-class to live on a starvation Social Security benefit. Another reason why Bernie Sanders is trying to reform Social Security benefits.

Now, SSI checks for those with limited incomes and few financial resources, and the maximum SSI payment in 2022 will be 841 point for an individual, an increase of $47 from 2021 and $1,261 for a couple, which is an increase of $70.

Now, this chart shows an estimated average monthly Social Security benefit payable in January, based off of the Cola increase for those who are retired couples, widows, and people who are disabled. Now, this is the average benefit. So again, most people on my channel are actually lower than this. Now, for the average retired worker, their benefit is going up from $1,565 per month to $1,657. So again, that's a $92 increase per month.

Now for a couple of receiving Social Security benefits, the average benefit is going up from $$2,599 to $2,753. Now for widows, for example, a mother who is widowed with two children will be getting on average $3,187 per month, which is up from an average of $3,009 per month. Now, a widower by themselves will be getting on average $1,553, which is up from an average of $1,467. So although these examples might not all pertain to you, it's good to understand the system, right? I actually did a poll on my channel asking people, what do you want to learn most about when it comes to retirement?

And what they said was they want to learn more about the details of how Social Security benefits work. So although some of these examples might not pertain to you, it's good for you to become educated on how Social Security benefits work and how your benefit amount compares to other people. Right. How your benefit compares to the average benefit, how your benefit compares to someone who is widowed or a married couple on Social Security benefits, or someone who is on SSI or SSDI. See, someone who is on SSDI will be getting, on average, $1,358, up from an average of $1,282 last year.

So that is obviously the biggest change happening in 2022. This 5.9% Cola adjustment, which is increasing Social Security benefits. And I just want to point out that this is something that Bernie Sanders is trying to address. He wants to use a different formula to calculate Cola, which would lead to a larger Cola every single year. Hopefully over time, bringing Social Security benefits to a respectable level that allows retirees to live in a retirement of dignity.

So this is something we're hoping ends up in the next stimulus package in 2022 after the build back better Stemals package is approved. Right. So Social Security benefits hopefully will be addressed in the next stimulus package. Now, as far as current changes happening in 2022, the second biggest change is the increase in Medicare Part B premiums. Now, although the 2022 increase ifs is substantial, most beneficiaries won't see the full amount of their Cola checks because the Part B premiums have gone up historically as well.

Now, Part B premiums jumped to 170 point ten per month. This is an increase of $21.0.60 per month, which I believe is the largest increase ever when it comes to Medicare Part B premiums. So unfortunately, this is going to eat up a large portion of your increase of your Cola adjustment. And this is actually something that Bernie Sanders is trying to include in this current stimulus package, the Build Back Better Act. He's trying to create an amendment which would actually strip away half of this increase.

So most people's premiums would only go up by about $10 instead of going up by $21. So this is something that we're currently monitoring. We're hoping it ends up in this current stimulus package. So again, don't forget to subscribe and I will keep you posted as to whether or not this Part B premium adjustment ends up in this package. Bernie Sanders was fuming because the $20 increase, half of that is actually being fueled by one expensive medication.

Right. So the fact that Medicare has to pay for one of these particular medications, they're saying we're going to have to charge everyone an extra $10 per month. So again, that's something that Bernie Sanders is trying to get changed. Please subscribe. I will keep you posted as soon as we get more updates on that.

Now, as far as more changes with Social Security, these next two changes are a little more nuanced and detailed. But again, people on my site have said they want to know more about Social Security benefits. So another big change is the credits for work. Now, in order to earn Social Security benefits, you have to get a certain amount of work credit. And this is changing as far as how to qualify.

So in order to get Social Security retirement benefits, you have to have earned 40 working credits, which is the equivalent of working for ten years. Now, each credit is three months of qualifying work per year. And to qualify, you need to make a minimum per quarter. So in 2021, the minimum that you had to make every three months to get a working credit was $1,470 in that quarter. Now this has increased to $1,510.

So current workers have to earn a little bit more each quarter to earn that working credits to add up to the 40 credits to qualify for Social Security benefits. If that kind of makes sense, it's a little bit confusing, but basically you have to make a little bit more now during your working years to earn your credits to earn Social Security benefits. Now, the subtraction for work. This is basically referring to the income limit, right? So if you're not yet at full retirement age, let's say you're 62 or 63 and you take Social Security benefits, you're going to be allowed to still work, obviously.

But once you make it past a certain amount, they're going to start reducing your Social Security benefit. Right. And that threshold in 2021 was $18,960, and that is actually being increased to $19,560 in 2022. So what this means is if you're not yet at full retirement age, but you do get Social Security benefits and you work a part-time job to supplement your Social Security benefits. You can now earn more than you could previously earn in 2021.

That has increased from $$18,960 to $19,560, an increase in almost $1,000. And the penalty for going above that is for every $2 above that threshold that you make from working. One dollars from your benefit is reduced. So really, it's not worth making more than that. To be honest with you, because what essentially ends up happening is you go and work and you make a dollar.

And really, you're only making $0.50. It basically cuts your income in half from a per hour perspective, right? When you're working. So those are really the main changes that have happened. There's one last change as well as far as taxes, people that pay into the Social Security system, more people are being taxed now because the income threshold has been increased to $147,000 per year.

Previously in 2021, you are only taxed into the Social Security tax if you made up to $142,800 per year. So basically a little bit more people are being taxed and a little bit more tax money is going into the Social Security system. So those are the main changes, folks coming in 2022 when it comes to Social Security benefits. Of course, we still have Bernie Sanders fighting for Social Security increases across the board in the next package. So don't forget to subscribe and I will keep you posted.

As things develop. Then we have them trying to include a stimulus check for seniors in this current stimulus package, the Build Back Better Act. So don't forget to subscribe to our site, and I will keep you posted on this next stimulus package. Stimulus checks for seniors and Social Security changes as well. And folks, if you made it this far into my site, please consider joining my membership.

That is a monthly membership. It supports our community and it supports my work here to continue doing research every single day. And I'll give you shout-outs on my website. thank you so much for visiting our site. take care bye.

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