Cola increase 2022 LATEST – Social Security payments to increase to highest level in 39 years – will you get more cash?

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MILLIONS of retirees on Social Security will get a huge boost from next month.

A 5.9 percent increase in the cost of living allowance – or Cola, as it is commonly called – will kick in from the start of 2022.

The huge spike is down to a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic.

With the increase, the federal benefit will be at its highest point in 39 years.

The estimated average Social Security payment for a retired worker will be $1,657 a month next year. A typical couple’s benefits would rise by $154 to $2,753 per month.

The Cola affects household budgets for about 1 in 5 Americans. That includes Social Security recipients, disabled veterans, and federal retirees, nearly 70million people in all.

Read our Cola 2022 increase live blog for the latest news and updates…

Source: The Sun

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