- Home
- The Arizona News
- Social Security Sees The Largest Cost of Living Adjustment in Decades
Social Security Sees The Largest Cost of Living Adjustment in Decades
As inflation in the U.S. jumps, Social Security will get a 5.9% boost in benefits in 2022.
Millions of retirees will see the biggest cost-of-living adjustment (COLA) in 39 years.
According to estimates released Wednesday by the Social Security Administration, the COLA increase amounts to $92 a month for the average retired worker.
The increase will impact households for about 1 in 5 Americans, nearly 70 million people, which include Social Security recipients, disabled veterans and federal retirees.
Prior to 1975, Social Security benefit increases were set by legislation.
| Social Security Cost-Of-Living Adjustments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The COLA for December 1999 was originally determined as 2.4 percent based on CPIs published by the Bureau of Labor Statistics. Pursuant to Public Law 106-554, however, this COLA is effectively now 2.5 percent. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||