Amid skyrocketing inflation, the Social Security Administration announced Wednesday it will give beneficiaries their largest monthly benefits increase in four decades beginning next year.
“Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022,” the agency said in a news release.
“The 5.9 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2022,” the news release went on. “Increased payments to approximately 8 million SSI beneficiaries will begin on December 30, 2021.”
SSA, when explaining the methodology for the benefits bump, added that the Social Security Act “ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s