Seniors and different Individuals receiving Social Safety advantages in 2022 will see the most important enhance of their funds in 4 a long time, reflecting surging inflation in the course of the pandemic.
Subsequent yr’s cost-of-living adjustment, or COLA, will probably be 5.9%, the Social Safety Administration stated Wednesday. The rise will translate to an addition of $92 to retirees’ common month-to-month profit subsequent yr, bringing the quantity to $1,657, the company estimates.
The practically 6% cost-of-living adjustment is the most important since 1982, in accordance with Social Safety Administration knowledge. The adjustment is calculated primarily based on the Labor