Social Security benefits to rise 5.9 percent for roughly 70 million people in 2022


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The Social Security Administration announced Wednesday that its beneficiaries will see a 5.9 percent increase in their benefit checks starting next year — the largest boost to benefits in close to four decades.
The cost-of-living increase, which will affect roughly 70 million people starting in late December and January, is tied to a measure of inflation that has surged this year as prices rise in a U.S. economy emerging from the pandemic. Experts caution that millions of seniors will in reality see substantially less than a 6 percent bump, because Medicare Part B premiums are deducted from Social Security beneficiaries’ checks and are tied to seniors’ income. The increase in benefits will amount to roughly an additional $92 per month for seniors.
The Social Security benefit increase has averaged about 1.7 percent over the past 10 years. This year’s increase amounts to the biggest since 1982, experts say.