Social Security cost-of-living increase will boost benefits 5.9% in 2022 as inflation spikes

Social Security cost-of-living increase will boost benefits 5.9% in 2022 as inflation spikes

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Now that’s more like it.

Older Americans scraping by on meager increases in their Social Security checks the past decade will reap a relative windfall next year.

The roughly 70 million people – retirees, disabled people and others – who rely on Social Security will receive a 5.9% cost-of-living adjustment next year, the Social Security Administration said Wednesday. That’s the biggest bump since 1982.

The sharp increase is tied to a COVID-19-fueled spike in inflation after years of paltry consumer price increases.

Read more at USA Today

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