Social Security recipients get 5.9% increase, but rising prices will offset the boost

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Social Security recipients will receive an annual cost of living adjustment of 5.9% next year, the largest increase since 1982, the Social Security Administration announced Wednesday.
(CNN)

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…
Tami Luhby, CNN
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