WASHINGTON — Millions of Social Security retirees will receive a 5.9% increase in benefits for 2022.
As the economy struggles to get out of the rut caused by the coronavirus pandemic, the largest cost of living (COLA), adjustment in 39 years is the result of a burst inflation.
According to Social Security Administration estimates, the COLA rise is $92 per months for the average retired worker.
The increase has a significant impact on the household budgets and finances of approximately 1 in 5 Americans. This includes Social Security recipients, disabled veterans, and federal retirees.
The policymakers claim it is a safeguard to protect the benefits of a loss in purchasing power and not a pay increase for retirees.