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AP

Social Security COLA largest in decades as inflation jumps

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

Social Security recipients will see their monthly checks soar by 5.9% next year, the largest increase since 1982, the Social Security Administration announced on September 13, though rising prices due to inflation will likely offset the benefit to seniors. Social security checks are seen piled at the U.S. Treasury in July 2011 in Philadelphia, Pennsylvania.

WASHINGTON (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.

The COLA increase amounts to $92 a month for the average retired worker, according to estimates released Wednesday by the Social Security Administration.

The increase affects household budgets for about 1 in 5 Americans, nearly 70 million people, including Social Security recipients, disabled veterans and federal retirees.

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

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