The Social Security Administration announced the cost-of-living adjustment for 2022

The Social Security Administration announced on Wednesday that its beneficiaries will see a 5.9% increase in their benefits starting 2022. The bump is for a cost-of-living adjustment and is the largest increase since 1982. The SSA bases its adjustments on the Labor Department’s Consumer Price Index, which rose 5.4% in September compared to a year earlier.

As prices for food, cars and rent climb, Social Security benefits will increase 5.9 percent in 2022, the biggest boost in 40 years, the Social Security Administration said.

Social Security recipients will see a new cost-of-living adjustment in 2022. It’s the biggest adjustment in nearly 40 years. Some of that new Social Security money is expected to get eaten up by an expected increase in Medicare premiums.

What people are saying?

Trade King The government is so kind and generous to raise social security by so much. A little bit of inflation is such a small price to pay. Besides, they already said the inflation is transitory. Thank you President Biden!

PBR4EVR And it still won’t be enough to live on human food, pay rent, etc. and these are our elderly and disabled families, neighbors. We must do better than this!

jeanne fisher17 Many retirees have no savings and qualify for low-income assistance—they get help with Medicare premium.