Social Security beneficiaries to receive 5.9% increase for 2022
On October 13, 2021, the Social Security Administration (SSA) announced that in 2022, benefits will increase by 5.9%. In addition, the Social Security wage base will increase from $142,800 to $147,000. This change reflects the largest cost of living adjustment (COLA) to Social Security benefits in nearly four decades.
For assistance managing the tax implications of your income in retirement, contact your ShindelRock tax professional.