The Social Security cost-of-living modification will be 5.9% in 2022, the Social Security Administration revealed on Wednesday.
The 5.9% soda will be the most significant increase to Social Security recipients’ checks in about 40 years.
In 2021, the Social Security SODA POP was 1.3%.
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Social Security recipients will see the boosts in the regular monthly checks beginning in January. The approximated typical regular monthly advantage for all retired employees will increase to $1,657, up from $1,565.
Social Security’s advantages are changed each year utilizing a particular set of Consumer Price Index information, the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W.
New Consumer Price Index information launched on Wednesday revealed that customer costs for September increased a little more than anticipated.
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