The cost-of-living adjustment in 2022 for Social Security benefits will be 5.9%. This is huge — if you're retired, here's how this will affect you:
The cost-of-living adjustment in 2022 will be 5.9%, according to the Department of Labor. It will be the largest increase to COLA in 40 years, and a boost to Social Security beneficiaries’ checks.For more than a decade, these adjustments have averaged below 2%, which in many cases has done little for Social Security beneficiaries – or nothing, in instances when their expenses have risen dramatically but their benefit checks have barely adjusted for inflation.
The hike for 2022 can be attributed to inflation caused from the country’s rebound since the pandemic began, such as the price in gasoline and petroleum, Johnson said. Older Americans were hit hard by the pandemic. Johnson has received emails from some Social Security beneficiaries who said they’re losing their homes, or reducing their meals, in an attempt to make ends meet. They may have worsening health situations, or are taking on new obligations as a result of the pandemic.
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