Social Security Increase Announced

Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022.

The biggest cost-of-living adjustment (COLA) in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic.

The boost will translate to an average monthly increase of $92 for retired workers, $47 for the spouse of a retired worker, $87 for an “aged” widow or widower, $46 for a widow or widower who is disabled, and $75 for a worker who is disabled, according to estimates from the SSA.

Policymakers say it’s a safeguard to protect benefits against a loss of purchasing power and not a pay raise for retirees.