From FoxBusiness.com…
Social Security recipients in 2022 are in line to receive the big payment increase in nearly four decades, reflecting a pandemic-drive inflation surge – but the boost could ultimately deplete the fund a year earlier than expected.
The Social Security Administration said Wednesday that next year’s cost-of-living adjustment, or COLA, will be 5.9%. That amounts to a monthly increase of $92 for the average retired Wednesday, bringing the amount to $1,657, the administration said. A typical couple’s benefits would climb by $154 to $2,754 per month.
But the increase – the steepest annual adjustment since 1982, when recipients saw a 7.4% bump – could push Social Security closer toward insolvency.
