Story at a glance

  • The boost in benefits comes as inflation in the U.S. is soaring due to economic disruptions from the COVID-19 pandemic.
  • The average retiree on Social Security will see an increase of $92 per month and a monthly payment of $1,657.
  • It’s the highest annual increase in 39 years.

Tens of millions of Americans receiving Social Security Supplemental Security Income (SSI) benefits will see the largest increase in their payments since the 1980s next year due to the recent spike in inflation. 

The Social Security Administration on Wednesday announced benefits for about 70 million Americans will increase 5.9 percent in 2022, the largest cost-of-living adjustment (COLA) in 39 years. 


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Increased payments will begin for more than 64 million Social Security beneficiaries in January 2022, while increased payments to about 8 million Americans on SSI will start Dec. 30 2021, according to the agency. 

The average retiree on Social Security will see an increase of $92 per month and a monthly payment of $1,657 when the COLA goes into effect. 

The adjustment is calculated each year based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or the CPI-W. In comparison, beneficiaries saw a 1.3 percent increase in 2021. 

The boost in benefits comes as inflation in the U.S. is soaring due to economic disruptions from the COVID-19 pandemic. Pandemic-related shortages of labor and materials continue to push up the prices of goods. 


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Published on Oct 13, 2021