Big boost for Social Security benefits as inflation rises
WASHINGTON (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.
The COLA increase amounts to $92 a month for the average retired worker, according to estimates released Wednesday by the Social Security Administration.
The increase affects household budgets for about 1 in 5 Americans, nearly 70 million people, including Social Security recipients, disabled veterans and federal retirees.
Policymakers say it’s a safeguard to protect benefits against a loss of purchasing power, and not a pay raise for retirees.