The Social Security cost-of-living adjustment will be 5.9% in 2022, the Social Security Administration announced Wednesday.
The 5.9% COLA will be the biggest boost to Social Security beneficiaries’ checks in about 40 years.
In 2021, the Social Security COLA was 1.3%. The last time the annual adjustment came close to the 2022 figure was in 2009, when beneficiaries saw a 5.8% increase.
More than 64 million Social Security beneficiaries will see the boosts in their monthly checks starting in January. Meanwhile, about 8 million Supplemental Security Income, or SSI, beneficiaries will see the increase starting Dec. 30.
The estimated average monthly benefit for all retired workers will rise to $1,657, up from $1,565.