Breaking: Americans receiving Social Security benefits will see the biggest one-year increase in their payments in nearly four decades, with next year's gain expected to be 5.9%
Seniors and other Americans receiving Social Security benefits in 2022 will see the largest increase in their payments in four decades, reflectingNext year’s cost-of-living adjustment, or
COLA, will be 5.9%, the Social Security Administration said Wednesday. The increase will translate to an addition of $92 to retirees’ average monthly benefit next year, bringing the amount to $1,657.
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Social Security COLA largest in decades as inflation jumpsWASHINGTON (AP) — Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022. The biggest cost-of-living adjustment in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic .
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