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October 14, 2021

Big boost for Social Security benefits coming

  • The 5.9% increase for 2022 is the largest COLA adjustment in 39 years.
    • By RICARDO ALONSO-ZALDIVAR and CHRISTOPHER RUGABER
    Associated Press

    WASHINGTON — 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.

    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. That marks an abrupt break from a long lull in inflation that saw cost-of-living adjustments averaging just 1.65% a year over the past 10 years.


     
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