Social Security COLA Largest in Decades As Inflation Jumps

Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022.

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This Tuesday, Oct. 12, 2021, photo shows a Social Security card in Tigard, Ore. 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. (AP Photo/Jenny Kane)
Image via AP Photo/Jenny Kane

This article was republished here with permission from The Associated Press, however it is no longer available to read on Snopes.com.

WASHINGTON (AP) — 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 $92 a month for the average retired worker, according to estimates released Wednesday by the Social Security Administration. That marks an abrupt break from…

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