Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Social Security checks getting big boost as inflation rises

The 5.9% increase is the biggest cost-of-living adjustment in 39 years

 

October 14, 2021

WASHINGTON - 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, as it's commonly called, amounts to an added $92 a month for the average retired worker, according to estimates Wednesday from the Social Security Administration. It's an abrupt break from a long lull in inflation that saw cost-of-living adjustments averaging just 1.65% a year over the past 10 years.

With the increase, the estimated average Social Security payment for a retired worker will be $1,657 a month next year. A typical couple's benefits would rise by $154 to $2,753 per month.

https://www.startribune.com/social-security-checks-getting-big-boost-as-inflation-rises/600106109/

 

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