WASHINGTON — Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022.
As the economy struggles to overcome the effects of the coronavirus pandemic, the largest cost-of-living adjustment in 39 years is the result of a surge in inflation.
According to Wednesday’s estimates by the Social Security Administration, the COLA increase is $92 per month for an average retiree.
The increase has a significant impact on household budgets for approximately 1/5 Americans, which is close to 70 million people. This includes Social Security recipients and disabled veterans, as well as federal retirees.
The policymakers claim it is a safeguard against losing purchasing power, not a pay increase for retirees.