Soaring inflation likely to boost 2022 Social Security COLA
A senior advocacy group predicts benefits will rise 4.7% next year, based on the 0.8% increase in the April consumer price index.
Inflation has been heating up over the past few months, and that means retirees could receive a much bigger cost-of-living increase in their Social Security benefits in 2022 if consumer prices continue to rise at the current pace. In January of this year, Social Security benefits increased 1.3%.
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