Social Security Payments 2022: How to boost your monthly payments? – Marca English

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Social Security Payments 2022: How to boost your monthly payments?
It’s important to make sure that you are fully prepared for retirement to get the most out of your Social Security payments in 2022.
If you are reaching Full Retirement Age (FRA), then you may want to check out ways to boost your Social Security payments to receive more money.
There are two ways to increase your payments by planning ahead and making sure that you’re ready for the payments.
If you’ve already reached your FRA but are not yet 70, you can temporarily suspend monthly Social Security checks and then resume them at a later date.
This can give you delayed retirement credits, which can boost the eventual benefit by as much as 8%.
You can also make a complete withdrawal from your application, but only in your first 12 months after claiming payments.
The amount you receive is determined by taking covered earnings and working out an average from your 35 highest values.
That means that if you go back to work, you can actually increase your average and therefore receive more in your social security payments.
Be careful though, as you could face a Retirement Earnings Test if you earn above a specific threshold which is defined.
If you are below your FRA and earn more than $19,560 in 2022, your benefits will be reduced by $1 for every $2 earned above the threshold.
If you reach your FRA in 2022, then the threshold is set higher, at $51,960, and the amount reduced is lower, with $1 withheld for every $3 earned.
© Unidad Editorial Información Deportiva, S.L.U. Todos los derechos reservados.
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