Changes To Social Security Benefits & Medicare Part B Premiums

Social security benefits rise 5.9% in 2022 and 8.7% in 2023. There is no earnings cap for beneficiaries over 66; people who turn 66 in 2022 do not lose benefits if they make $51,960 before reaching 66; beneficiaries between 62 and 66 by the end of 2020 can make $19,560 before losing any benefits. A minimum of $1,510 "earned income" is needed to earn 1 quarter of social security coverage, so $6,040 earnings at any time during 2022 will cover the full year.

Medicare Part B premium increases to $170.10 in 2022. But higher rates apply to seniors whose 2020 (2 years back) modified AGI exceeded $182,000 for MFJs and $91,000 for singles. Modified AGI is AGI plus any tax–exempt interest.​