Social Security COLA largest in decades as inflation jumps

WASHINGTON – Millions of retirees connected Social Security volition get a 5.9% boost successful benefits for 2022. The biggest cost-of-living accommodation successful 39 years follows a burst successful ostentation arsenic the system struggles to shingle disconnected the resistance of the coronavirus pandemic.

The COLA, arsenic it's commonly known, amounts to $92 a period for the mean retired worker, according to estimates released Wednesday by the Social Security Administration. That marks an abrupt interruption from a agelong lull successful ostentation that saw cost-of-living adjustments averaging conscionable 1.65% a twelvemonth implicit the past 10 years.

With the summation the estimated mean Social Security outgo for a retired idiosyncratic volition beryllium $1,657 a period adjacent year. A emblematic couple’s benefits would emergence $154 to $2,753 per month.

The summation affects household budgets for astir 1 successful 5 Americans, astir 70 cardinal people, including Social Security recipients, disabled veterans and national retirees.

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