Social Security recipients will see monthly checks soar, but rising prices due to inflation will likely offset the benefit
The spike will boost retirees' monthly payments by $92 to an estimated $1,657 for 2022."This would be the highest COLA that most beneficiaries living today have ever seen," said Mary Johnson, Social Security and Medicare policy analyst for The Senior Citizens League. But that doesn't mean they'll be able to go on a spending spree. The reason for the hike is because inflation is soaring too.
Retirees are getting hit by rising prices. Here's what will soften the blow Social Security benefits have lost 32% of their buying power since 2000, the advocacy group found. The annual adjustments have increased payments by a total of 55%, but seniors' typical expenses have grown nearly 105% over the same period.
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Social Security checks going up by 5.9 percent, the highest increase in decadesAbout 64 million people who receive Social Security benefits will begin to receive a bigger check from the federal government in January.
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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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Social Security Benefits to Increase 5.9% for 2022Breaking: 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%
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EXPLAINER: Why Social Security COLA will jump next yearWASHINGTON (AP) — Rising inflation is expected to lead to a sizeable increase in Social Security's annual cost-of-living adjustment, or COLA, for 2022. Exactly how much will be revealed Wednesday morning after a Labor Department report on inflation during September, a data point used in the final calculation.
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Social Security COLA largest in decades as inflation jumpsMillions 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. The COLA, as it's commonly called, amounts to $92 a month for the average retired worker, according to estimates released Wednesday by the Social Security Administration.
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