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Social Security gets biggest increase in years

Cost of living increase is largest in 39 years
Social Security card
Posted at 1:31 PM, Oct 13, 2021

WASHINGTON D.C. — Millions of retirees on Social Security will get a 5.9 percent 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.