If you’re not retired already, you ought to be…
Because 2022 is set to be the BIGGEST retirement boom since 1982.
This has nothing to do with real estate, the stock market, or business.
What I’m talking about will boost the income of millions of retirees, and YOU deserve to be one of them.
The past 2+ years of Covid have seen economic whiplash.
Was there a recession? The media thinks so.
Did you feel a recession at all?
I did not.
The term recession will always be the media’s go to when it comes to writing headlines that need to get eyes on the page, so we can really brush that off for now.
We’ve also recently seen unemployment numbers shrinking which is a great sign of economic growth…
…But how does this all play into the biggest retirement boom in 40 years?
Well, the Social Security Administration (SSA) has been taking note of this economic recovery and has decided it’s time to get some cash into the pockets of retirees (and next year’s retirees).
So don’t worry if you’re not officially retired yet. You can still take advantage of what I’m about to tell you.
What is of importance are the key numbers the SSA announced last week which has resulted in the biggest benefit boost for retirees since 1982.
The SSA is boosting social security benefits by 5.9%.
The last boost (5.8%) that came close was in 2009, but it hasn’t been this high since 1982’s 7.4%.
This is all compared to a very low 1.3% in 2021.
In dollar terms that means up to $1,657 a month per retired worker or $2,753 for a retired couple.
This is a massive boost to retirees and those looking to retire as it provides peace of mind of a decent sized paycheck coming in each month.
How are they affording this?
Well, they’re not just going to turn that old Federal Reserve printer on again like they did with the stimulus checks through 2021 (although that was a nice little bonus).
They’re actually raising the maximum amount of earnings subject to social security tax 2.7% from $142,800 to $147,000.
About 12 million high-earning Americans will see a larger tax bill, but this is being done to help the Baby Boomer generation into a smooth retirement.
So, whether you’re retired already or are about to retire, here’s to a Retirement Boom in 2022!