Social Security payments to jump 5.9% in 2022, largest increase in 39 years

Retirees who depend on Social Security will see their payments jump next year.

>> Read more trending news

The Social Security Administration announced Wednesday that the cost of living adjustment or COLA, will be a 5.9% increase, the largest amount in 39 years, The Associated Press reported. The adjustment will affect about 70 million people across the country.

Recent annual increases were only about 1.65% over the past decade.

Retirees will see about $92 extra dollars a month on average, the AP reported.

A single retired worker will see an average Social Security payment of $1,657. A couple will get on average $2,753 a month, an increase of $154.

The rise in funds couldn’t come at a better time for some.

Retiree Cliff Rumsey said he has seen the prices of food, caregiver wages and energy costs have been going up since the coronavirus pandemic started.

“It goes pretty quickly,” Rumsey said in reference to his recent COLA increases.

But the increase may not be enough to offset inflation.

“What we are hearing is that even with the COLA, buying power will still be eroded because price increases are still going up,” analyst Mary Johnson of the nonpartisan Senior Citizens League advocacy group, told the AP.

On Air102.5 The Bone - Real. Raw. Radio. Logo

    The Latest BoneTV On Demand

    Hang with Bone Fantasy Live featuring Johnny B, Mike O, and Ben Swig as they go live each Sunday from 11am - 1pm

    Drew and John had local artists design their own custom shirts and you can pick one up for a $50 donation to the Down Syndrome Association of Tampa Bay!

    Swimming is a great recreational sport that can be enjoyed by people of all ages, especially here in Florida. But it’s important to know how to be safe while you’re in the water.

    mobile apps

    Everything you love about and more! Tap on any of the buttons below to download our app.

    amazon alexa

    Enable our Skill today to listen live at home on your Alexa Devices!