Social Security cost-of-living adjustment highest since 1982
By Megan Henney
Millions of retirees and other Americans receiving Social Security benefits in 2022 are set to receive the biggest payment increase in four decades, following a pandemic-driven inflation spike.
The Social Security Administration said Wednesday that next year’s cost-of-living adjustment, or COLA, will be 5.9%. That amounts to a monthly increase of $92 for the average retired person, bringing the amount to $1,657, the administration said. A typical couple’s benefits would climb by $154 to $2,754 per month.
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