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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
