WASHINGTON, D.C. (NBC) – Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022. That’s the biggest cost-of-living adjustment in 39 years.
The change follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic.
According to estimates released Wednesday by the Social Security Administration, the increase amounts to $92 a month for the average retired worker.
The increase affects household budgets for about 1 in 5 Americans.