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#Roommates, the Social Security Administration recently announced that Social Security Payment. Millions of retirees will receive the largest increase in social security payments in nearly 40 years — and payments are scheduled to begin next year.
@APNews reports, keep up Rising cost of living, The Social Security Administration has confirmed that starting from 2022, the benefits of retirees receiving payments will increase by 5.9%. According to reports, this increase is the largest in 39 years and is a direct response to the huge inflation costs worsened by the COVID-19 pandemic.
According to early estimates, retirees will now receive an additional US$92 per month, with a total monthly benefit of US$1,657. At the same time, the benefits of a couple will increase by US$154 or US$2,753 per month. However, the increase in approvals is to make up for the expenditures of many recipients on food, natural gas, rent/mortgage loans and other necessities.
If you need to review, you can implement social security by levying payroll taxes on workers and their employers. Both workers and employers pay 6.2% of their wages, which are adjusted annually for inflation. In 2022, the maximum amount of income subject to Social Security payroll taxes will increase to US$147,000.
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