Biggest spike in Social Security COLA in decades
Retirees on Social Security are set to get a 5.9% cost-of-living adjustment in 39 years, according to a report from the Associated Press. The 2022 benefits boost for millions of retirees on Social Security will add approximately $92 a month for the average retired worker. Cost-of-living adjustments have averaged 1.65% a year over the past 10 years. Social Security recipients, disabled veterans, and federal retirees total nearly 70 million people. The cost-of-living increase aims to offset inflation and rising costs of food, gasoline, and other goods and services.