Retired Americans Will See an Increase In Their Social Security Benefits

Stephen Silver

Social Security,

The increase may not be enough to counter unprecedented inflation. 

The calendar has flipped to 2022, and big changes are in store for Social Security.

Last year, the Social Security Administration announced a major cost-of-living-allowance (COLA) raise for Social Security benefits. The 5.9 percent increase, which was provided due to continued inflation, is the largest increase of its kind in nearly four decades. Yearly increases are traditionally only in the low single digits.