Social Security Updates For 2022
It should be no surprise that with 10,000 Americans turning 65 every single day , there is more demand than ever among consumers to understand their Social Security benefits. Social Security rules are anything but simpleultimately requiring individual analysis based on a handful of factors and assumptions to truly identify the best way to collect benefits for your situation. Here are a few quick updates on Social Security for 2022 as we head toward the fall.
Attorney Fee Cap Increase
Acting Commissioner Kilolo Kijakazi recently announced a change to the Attorney Fee Capthe first in 13 years. The maximum dollar amount limit for fee agreements approved under the Social Security Act will increase from $6,000 to $7,200.
Effective November 30, 2022, we may approve fee agreements up to the new dollar limit, provided that the agreements otherwise meet the statutory requirements.
Please tell your clients that if a fee agreement is not filed, their representative can submit a fee petition after completing work on their claim. Well review the value of the representatives servicesand let your client know the fee the representative is authorized to charge and collect.
Find more information in our publication, Your Right to Representation, at www.ssa.gov/pubs/EN-05-10075.pdf.
Facebook Live National Consumer Protection Week
National Consumer Protection Week was in March. Social Security used that opportunity to share information on how fraudsters pretend to be from Social Security, the IRS, or other government agencies so they can scam your clients. Fraudsters cause serious financial harm using this scam. We teamed up with the Federal Trade Commission to provide you and your clients with information on how to identify and report these scams. Stay ahead of the fraudsters.
You can watch our Facebook Live event about fraud and share it at
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Shining Light On Retirement
The dream of a secure, comfortable retirement is much easier to achieve when you plan ahead. The three major elements of your retirement portfolio are benefits from pensions, savings and investments, and Social Security benefits. Your clients have a better chance of reaching their retirement goals if they start planning earlier and use the correct information to make informed decisions.
Check out our redesigned retirement pages. Your clients can learn about retirement, apply for Social Security benefits, and manage their benefits at www.ssa.gov/benefits/retirement.
Also, let your clients know that they can do much of their business with us online with a personal mySocial Security account at www.ssa.gov/myaccount.
Inflation Creates More Uncertainty
Not surprisingly, perhaps, half of retirees who feel less confident about their ability to live comfortably in retirement blamed inflation for triggering more anxiety, according to the 2022 Retirement Confidence Survey conducted by the Employee Benefit Research Institute and Greenwald Research.
Inflation hasn’t been a worry for decades but now those who are retired or planning for retirement need to consider what higher prices will mean to their 401s or limited savings.
One key point: If you’re at least 62 or older in 2023, you’d benefit automatically from next year’s COLA increase even if you have not yet filed to receive Social Security benefits.
Inflation adjustments are baked into future payments each year until you claim benefits as long as you’re 62 or older in 2023.
The Social Security Administration notes: Youre eligible for cost-of-living benefit increases starting with the year you become age 62. This is true even if you dont get benefits until your full retirement age or even age 70.
Ultimately, getting inflation and some costs under control again would help a great deal.
Prices at the pump in Michigan, after soaring to a record $5.22 a gallon in June, are finally falling back near to levels last seen in April, according to AAA Michigan.
Michigan drivers are now paying an average of $3.95 a gallon, according to AAA’s data released on Aug. 15. That’s down 77 cents a gallon from a month ago but up 69 cents a gallon from this time last year.
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Get Ready For Social Securitys Top 10 Baby Names
Next month, Social Security will release our top 10 baby names list for 2017. This popular list includes the names of both girls and boys you and your clients can see which names are growing in popularity around the nation. This is a perfect opportunity for your clients to visit our baby names page at www.socialsecurity.gov/oact/babynames and also familiarize themselves with our resources for families.
In 2017, we distributed an average of $2.6 billion each month to benefit about 4.2 million children because one or both of their parents are disabled, retired, or deceased. Those dollars help to provide the necessities of life for family members and help make it possible for those children to complete high school. When a parent becomes disabled or dies, Social Security benefits help stabilize the familys financial future.
Your clients can learn more about our programs and services for families at www.socialsecurity.gov/people/kids.
Social Security Pay Dates Depend On Date Of Birth
Birth date 1st 10th – Second Wednesday of the month
Birth date 11th 20th – Third Wednesday of the month
Birth date 21st 31th – Fourth Wednesday of the month
Payments for Supplemental Security Income are scheduled for the first day of the month, except when that falls on a Saturday, Sunday or national holiday. In these instances, the SSI payments will go out at the very end of the previous month.
For those who began receiving benefits before May 1997 or they are receiving both Social Security and Supplemental Security Income, they will be paid their Social Security benefits on the third of the month. Except as was the case in July 2022 when the third fell on a Sunday. As with Supplemental Security Income benefits, the payment date is moved up to the nearest business day, which was 1 July, the same day that Supplemental Security Income payments were issued.
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Social Security Increases 202: Heres Who Is Getting Money
Anyone who currently receives a Social Security check or who will turn 62 in 2023, the earliest age to start claiming Social Security, is eligible to receive an extra $200 a month with their benefits.Douglas Sacha | Getty Images
Clarification: This article has been updated to reflect that Americans would no longer receive full benefits if a funding shortage isnt addressed. The word full was originally omitted.
Although the future of Social Security remains in doubt, some congressional lawmakers are ensuring that most Social Security recipients get their money and then some.
Rep. Peter DeFazio and Sen. Bernie Sanders introduced the Social Security Expansion Act in June, according to a press release from DeFazios office.
The bill would allot $200 more per month for each Social Security recipient a 12% boost in money, according to CBS News.
So who will receive these Social Security increases?
The people who are currently eligible for Social Security or anyone who turns 62 in 2023, which is the earliest age to collect Social Security, will be eligible to receive the extra $200 a month with their benefits.
Related stories to Social Security increases:
Social Security 2017 Trustees Report
On July 13, 2017, the Social Security Board of Trustees released its annual report on the current and projected financial status of the Old-Age and Survivors Insurance and Disability Insurance trust funds.
The combined asset reserves of the OASDI trust funds are projected to become depleted in 2034, the same as projected last year, with 77 percent of benefits payable at that time.
In the 2017 Report to Congress, the trustees also announced:
- The combined trust fund reserves are still growing and will continue to do so through 2021. Beginning in 2022, the total annual cost of the program is projected to exceed income.
- The DI trust fund will become depleted in 2028, extended from last years estimate of 2023, with 93 percent of benefits still payable.
- The projected actuarial deficit over the 75-year long-range period is 2.83 percent of taxable payroll 0.17 percentage point larger than in last years report.
sThe longevity of our programs relies on the accurate, up-to-date data provided in these yearly reports. You can view the full 2017 Trustees Report at www.socialsecurity.gov/OACT/TR/2017/.
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Cost Of Living Increases
Social Security benefits increased by 5.9 percent in 2022 as part of the cost-of-living adjustment featurethis is the largest COLA increase in almost 40 years. What this means in true dollar amounts is that the average individual payment for retired workers will increase by $92/month for a total of $1,657.Social Security payments adjust annually to account for increased costs due to inflation as part of the Consumer Price Index . Historical increases have ranged from 14.3 percent back in 1980 to 0 percent in both 2010 and 2011. The last time a 5-plus-percent increase was made was in 2009, when there was a 5.8percent COLA adjustment to benefits.
Social Security Is Here When You Need It Most
Disability benefits offer a financial lifeline when people are struck by a serious medical condition that makes it impossible for them to work and provide for themselves and their family. Benefits are for medical conditions that are expected to last at least one year or result in death. The Social Security and Supplemental Security Income disability programs are the largest of the federal programs that provide assistance to people with disabilities. Our friends, family members, and neighbors, including wounded warriors and the chronically ill, rely on these vital programs:
- Social Security Disability Insurance pays benefits to you and certain members of your family if you are “insured,” meaning that you worked long enough and paid Social Security taxes.
- Supplemental Security Income makes payments to people who have low income and few resources, and who are age 65 and older, blind, or disabled.
Your clients can learn more about Social Security disability benefits at www.socialsecurity.gov/disability and SSI at www.socialsecurity.gov/ssi.
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World Elder Abuse Awareness Day
World Elder Abuse Awareness Day is June 15. WEAAD provides an opportunity for communities around the world to raise awareness about elder abuse and neglect.
We remain committed to protecting people from fraud and scams. To avoid falling victim, your clients can:
- Read our fact sheet Beware of Social Security Phone Scams at www.ssa.gov/fraud/assets/materials/EN-05-10535.pdf to learn how to spot fake calls and emails.
- Visit our Office of the Inspector Generals Scam Awareness page for information on phone scams, and how to report them at oig.ssa.gov/scam.
- Visit our Fraud Prevention and Reporting page to understand how we combat fraud at www.ssa.gov/fraud/.
We will be participating in the National Center on Elder Abuses WEAAD webinar titled Coming Back Strong after COVID-19: Federal Elder Justice Innovations and Resources. The webinar will take place on Wednesday, June 9, 2021 at 9 a.m. PT / 12 p.m. ET. Your clients can register via Zoom at .
Social Security Launches New Campaign To Fight Scammers
We launched a Public Service Announcement campaign as our latest effort to warn you and your clients about the ongoing nationwide telephone impersonation scam. In the video, Commissioner Andrew Saul explains how to recognize a scam and how to report it. The scammers play on emotions like fear to convince victims to provide personal information or payments in cash, wire transfers, or gift cards. Fraudsters may also email fake documents to try to get people to comply with their demands.
I want every American to know that if a suspicious caller states there is a problem with their Social Security number or account, they should hang up and never give the caller money or personal information. People should then go online to report the scam call to Social Security, said Commissioner Saul.
Help your clients learn how to protect themselves and report any suspicious calls or emails right away. You can find additional information about what to look out for on our website at www.ssa.gov/scam. Encourage any client who is a victim of a Social Security-related scam to not be embarrassed and to report the scam at oig.ssa.gov so we can stop these scammers and protect other people. Please share our new Public Service Announcements with your clients at www.youtube.com/socialsecurity.
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Social Security Forms Now Available For Online Submission
Social Security now offers convenient and secure online options for completing and submitting forms. Our newest online forms include:
- SSA 820 Work Activity Report Provide work activity information for self-employed individuals applying for or receiving disability benefits.
- SSA 821 Work Activity Report Provide work activity information for individuals applying for or receiving disability benefits.
- SSA HA-85 Request to Withdraw a Hearing Request Submit a request to withdraw an existing hearing request.
- SSA-552 Dedicated Account Use of Funds Statement Confirm your understanding of how to use and not use dedicated account funds.
- SSA HA-86 Request to Withdraw an Appeals Council Request for Review Submit a request to withdraw an Appeals Council request for review.
- SSA HA-4608 Waiver of Your Right to Personal Appearance Before an Administrative Law Judge Notify us that you do not want to appear at a hearing before an Administrative Law Judge , and that you want the ALJ to decide your case on the evidence in the written record.
Also available online is the SSA-455 Disability Update Report, which people use to give us information we need to determine if a beneficiary is still disabled.
Please share this information with your clients and encourage them to learn more about this convenient online service option.
National Social Security Month
- Request a replacement Social Security card
- Set up or change direct deposit
- Get a proof of income letter
- Change your address, if you are getting benefits
- Check the status of your Social Security application
- Get a Social Security 1099 form
Encourage your clients to create a mySocial Security account. Celebrate National Social Security Month by learning what you can do online anytime, anywhere at www.socialsecurity.gov/myaccount.
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Retirement Planning Tips For Women
One day in 1939, Ida May Fuller stopped by the local Social Security office in her hometown of Rutland, Vermont to inquire about Social Security benefits. She knew she had been paying into Social Security, and wanted to learn more. The following year, she received the very first Social Security benefit payment $22.54 arriving as check number 00-000-001. Idas story still holds lessons for women today, and it started with her getting the information she needed.
Today, signing up for a personal mySocial Security account at www.ssa.gov/myaccount can help your clients get information tailored for them as they plan for retirement. Its never too late to start planning.
Savings need to be an active part of your clients plan to take care of their financial future. They may find themselves widowed or divorced, and having to provide for themselves for many years. Unlike in Idas day, your clients can go online to www.ssa.gov/retirement to see if they are eligible to receive a current, deceased, or former spouses benefits. It might make financial sense to claim those spouses benefits instead of their own since the payments could be higher based on the individuals own earnings history.
Encourage your clients to follow Idas example and learn more about the role Social Security plays in their financial future.
What Could Happen To Future Benefit Increases
While 2023 marks a record high COLA, beneficiaries should be prepared for future years where increases are not as high.
If inflation subsides, the size of COLAs will also go down.
Whether the CPI-W is the best measure for the annual increases is up for debate. Some tout the Consumer Price Index for the Elderly, or CPI-E, as a better measure of the costs seniors pay. Multiple Democratic congressional bills have called for changing the measure used to calculate annual increases to the CPI-E. Others have suggested another measure, the Chained CPI, to help curb federal spending.
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New Way To Do Ssi Wage Reporting With Social Security
Social Security has expanded its online wage reporting service to allow people who receive Supplemental Security Income benefits, deemors, and people who receive both Social Security Disability and SSI benefits, and their representative payees to report wages securely online. This capability had been available only to SSDI beneficiaries and their representative payees. The service is available through our existing mySocial Security portal.
Wage reporters can still use the SSI Telephone Wage Reporting and SSI Mobile Wage Reporting applications. This new option allows them to avoid visiting a field office to report their wages in person and allows them to print or save a receipt of their report. However, users must still contact an office to report when they first start working for each new employer. Its also important to note that representative payees are able to report wages, but wont have access to beneficiaries or recipients other information.
You and your clients can visit www.socialsecurity.gov today to learn more about this convenient new online service.
Federal Law Enforcement Agencies Warn Of Impersonation Scam Involving Credentials And Badges
New reports show that scammers are reviving an old tactic to gain your clients trust. Scammers are emailing and texting pictures of real and doctored law enforcement credentials and badges to potential victims. They do this to prove that they are legitimate and scam people out of money. Scammers may change the picture or use a different name, agency, or badge number, but the basic scam is the same.
Federal law enforcement agencies are warning the public to be skeptical of emails and text messages claiming to be from a government or law enforcement agency. No one in federal law enforcement will send photographs of credentials or badges to demand any kind of payment, and neither will government employees.
For more information about scams, visit the Federal Trade Commission Scams page at consumer.ftc.gov/scams.
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