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Social Security Benefits Will See Largest Jump in Nearly Forty Years
An average couple’s benefits would increase by $154 to $2,753 per month in 2022.
Millions of retirees on Social Security will see a 5.9% jump in their benefits next year, the largest cost-of-living adjustment 9 (COLA) in the last 39 years.
The increase comes in the wake of deepening inflation as the economy continues to be impacted by the ongoing COVID-19 pandemic.
The increase will mean about $92 a month for an average retiree, according to estimates by the Social Security Administration. Increases over the 10 years averaged t 1.65% a year.
An average couple’s benefits would increase by $154 to $2,753 per month in 2022.
This Social Security adjustment will affect 1 in 5 Americans., a total of nearly 70 million people.
