Social Security recipients get 5.9% increase, but rising prices will offset the boost

News October 13, 2021 News
Social Security recipients get 5.9% increase, but rising prices will offset the boost

From CNN | Politics by Tami Luhby, CNN

Social Security recipients will receive an annual cost of living adjustment of 5.9% next year, the largest increase since 1982, the Social Security Administration announced Wednesday.

The spike will boost retirees' monthly payments by $92 to an estimated average of $1,657 for 2022.

"This would be the highest COLA that most beneficiaries living today have ever seen," said Mary Johnson, Social Security and Medicare policy analyst for The Senior Citizens League.

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