The Social Security Administration announced a 5.9 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2022. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2021.
For those still contributing to Social Security through wages, the potential maximum income subject to Social Security tax to $147,000 (up from $142,800 in 2021). A recap of the key amounts is outlined here:
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