The adjustment is the largest in 39 years and will give the average retiree a 5.9 percent overall raise in benefits next year.
Millions of Social Security recipients are slated to receive an extra $92 a month thanks to a cost-of-living adjustment for rising prices throughout the coronavirus pandemic, the Associated Press reported.
The average retiree is expected to receive $1,657 per month with the new adjustment, while a typical couple will see $2,753 per month. "It's going to be welcome," said analyst Mary Johnson of the nonpartisan Senior Citizens League advocacy group."But what we are hearing is that even with the COLA, buying power will still be eroded because price increases are still going up."
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EXPLAINER: Why Social Security COLA will jump next yearWASHINGTON (AP) — Rising inflation is expected to lead to a sizeable increase in Social Security's annual cost-of-living adjustment, or COLA, for 2022. Exactly how much will be revealed Wednesday morning after a Labor Department report on inflation during September, a data point used in the final calculation.
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Social Security COLA largest in decades as inflation jumpsWASHINGTON (AP) — Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022. The biggest cost-of-living adjustment in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic .
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Social Security Benefits to Increase 5.9% for 2022Breaking: Americans receiving Social Security benefits will see the biggest one-year increase in their payments in nearly four decades, with next year's gain expected to be 5.9%
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Social Security COLA largest in decades as inflation jumpsMillions of retirees on Social Security will get a 5.9% boost in benefits for 2022. The biggest cost-of-living adjustment in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic. The COLA, as it's commonly called, amounts to $92 a month for the average retired worker, according to estimates released Wednesday by the Social Security Administration.
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Social Security recipients get 5.9% increase, but rising prices will offset the boostSocial 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.
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Social Security checks going up by 5.9 percent, the highest increase in decadesAbout 64 million people who receive Social Security benefits will begin to receive a bigger check from the federal government in January.
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