Social Security recipients will see monthly checks soar, but rising prices due to inflation will likely offset the benefit
The spike will boost retirees' monthly payments by $92 to an estimated $1,657 for 2022."This would be the highest COLA that most beneficiaries living today have ever seen," said Mary Johnson, Social Security and Medicare policy analyst for The Senior Citizens League. But that doesn't mean they'll be able to go on a spending spree. The reason for the hike is because inflation is soaring too.
Retirees are getting hit by rising prices. Here's what will soften the blow Social Security benefits have lost 32% of their buying power since 2000, the advocacy group found. The annual adjustments have increased payments by a total of 55%, but seniors' typical expenses have grown nearly 105% over the same period.
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