Social Security recipients to get cost-of-living raise of 5.9%, biggest since 1982
CBSN
The Social Security Administration on Wednesday said the program's almost 70 million recipients will receive a cost-of-living adjustment of 5.9% in 2022, the biggest increase since 1982.
The benefits bump comes in January after a year of surging inflation, which has pushed up the cost of everything from food to rent. Many seniors and others who rely on Social Security have struggled to cope with rising inflation this year after receiving a mere 1.3% cost-of-living adjustment (COLA) last January, representing one of the most meager increases in recent history.
The Social Security Administration typically announces its COLA in the fall, with the increase going into effect for December benefits that are paid in January. That means beneficiaries will receive a sizable annual "raise" in January 2022, but advocates are concerned that seniors' financial pain may not abate if inflation continues to flare — which many economists expect to be the case, at least for the next several months.
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