Social Security recipients in 2022 will benefit from an increase in the cost-of-living adjustment in the amount of 5.9%.
That is a significant increase over the 1.3% increase that was implemented in the year 2021. It marks the highest such increase in the cost-of-living adjustment in more than 10 years.
The cost-of-living adjustment is calculated by inflation rates. Inflation has risen by a significant 5%, the highest increase in more than a decade.