Social Security (Photo by Win McNamee/Getty Images)
<p data-pm-slice="1 1 []">#Roommates, the Social Security Administration surprised many with the recent announcement that major updates have been made to <a href="https://dev.theshaderoom.com/social-security-wont-be-able-to-pay-full-benefits-by-2034-due-to-covid-19-pandemic/">social security</a> payments. Millions of retirees are set to receive the largest increase in social security payments in almost 40 years—and the payouts are set to begin next year.</p>
<p>@APNews reports, to keep up with the continuously <a class="ProsemirrorEditor-link" href="https://apnews.com/article/social-security-cola-increase-4f2cd7b763371b91923227be883e367e?utm_source=Twitter&;utm_campaign=SocialFlow&;utm_medium=AP">rising cost of living</a>, the Social Security Administration has confirmed that retirees who receive payments will get a 5.9% boost in their benefits beginning in 2022. This increase is reportedly the largest in 39 years and is a direct response to the massive inflation costs that was worsened by the COVID-19 pandemic.</p>
<p>Retirees will now receive an additional $92 a month based on early estimates, totaling $1,657 in monthly benefits. Meanwhile, a couple’s benefits would rise by $154 or $2,753 a month. However, the increase approval is an effort to make up for what many recipients are spending on food, gas, rent/mortgage and other essentials.</p>
<p>In case you need a refresher, social security is made possible by payroll taxes collected from workers and their employers. Both workers and employers pay 6.2% on wages, which is adjusted annually for inflation. In 2022, the maximum amount of earnings subject to social security payroll taxes will increase to $147,000.</p>
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