Social Security increase largest in decades as inflation jumps

Source: Seattle Times

“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 [effect of gigantic increases in money supply during the COVID-19 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 a long lull in inflation that saw cost-of-living adjustments averaging just 1.65% a year over the last 10 years.” (10/13/21)

https://www.seattletimes.com/business/social-security-cola-largest-in-decades-as-inflation-jumps/