• Jeran Van Alfen, CFP®

2022 Social Security Numbers to Know

Updated: Mar 19

Are you planning on Social Security soon? Here are some important things to know:


First of all, it is essential to know your full retirement age. This is the age where you are eligible to receive your full retirement benefit. Don’t confuse it with your maximum benefit. Your maximum benefit is received if you defer taking income until age 70.



The benefit that you receive is determined by your work history and contributions into the system. It is important to create an account at www.ssa.gov and login to view your projected benefit at your full retirement age.

There is also a maximum benefit that you can receive. The most an individual who files a claim for Social Security retirement benefits in 2022 can receive per month is:

  • $2,364 for someone who files at 62.

  • $3,345 for someone who files at full retirement age (66 and 2 months for people born in 1955, 66 and 4 months for people born in 1956).

  • $4,194 for someone who files at age 70.

Medicare Premiums

While it seems like costs for everything are increasing, the base premium for Medicare Part B is also increasing. The 2022 premium for Part B is $170.10.

Maximum taxable earnings


The Social Security payroll tax is paid by employees and employers and funds the Social Security program. Both the wage earner and the company pay a 6.2% tax up to the maximum taxable earnings limit. For 2022 the limit has increased to $147,000. This means that the employee will max out with a Social Security tax of $9,114.00. Self-employed individuals pay both sides of the tax for a maximum of $18,228.00.

1960 becomes eligible


Those born in 1960 will be turning 62 this year and will be eligible for early benefits. The full retirement age for these individuals is 67, which is now the FRA going forward (until it changes).


Limits on earnings


If an individual files for a reduced benefit before their full retirement age, there is an earnings limit. This means that if the individual earns a wage over a certain limit, their Social Security benefit will be penalized. The earnings limit for 2022 is $19,560 and the penalty is one dollar for every two dollars earned over the limit. There is also a separate earnings limit for the year that you turn your FRA up to the month. This limit is $51,960 and the penalty is one dollar for every three dollars earned over the limit.


Example: John’s full retirement age is in 2022. His birthday is in June. John can earn a maximum of $51,960 from January to June without his benefit being penalized.

Need a Social Security Analysis?


There are many things to consider before you file for your Social Security benefit. There are strategies to consider based on your individual financial situation, your current health, and your family longevity. As you approach Social Security, we can discuss your options and run a break-even analysis to help you plan.



If you have questions, please reach out to us and we can discuss the most optimal strategy for your situation.


Centered Financial, LLC is a registered investment adviser offering advisory services in the State of California, Utah, Texas and in other jurisdictions where exempted. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. There is no assurance that the techniques, strategies, or investments discussed are suitable for all investors or will yield positive outcomes. To determine which strategies or investment(s) may be appropriate for you, consult your financial adviser prior to investing. Any discussion of strategies related to tax or legal planning is general and is not intended as tax or legal advice. Please consult appropriate tax and legal professionals for recommendations pertaining to your specific situation.

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