The roughly 68 million Americans collecting Social Security can expect about a six-percent increase in monthly benefits in 2022.
But it’s just an estimate from The Senior Citizens League, and it’s based on the latest Consumer Price Index, which revealed inflation issues brought on by the coronavirus pandemic.
While the increase is slightly less than previous projections, it could still be the biggest increase since 1982, which was long before the vast majority of the current group of Social Security recipients were even receiving Social Security.
The Social Security Administration usually announces its cost-of-living adjustment in late October.
Stack of Folded US Currency Notes on White background, with a 100 dollar bill on top.
Photo from Alpha Media USA Portland OR