If you collect Social Security benefits, you’ll be happy to hear you’re getting a raise soon. Thanks to inflation, Social Security checks will increase by 5.9 percent next year! Because the cost of pretty much everything has increased due to supply chain issues and Covid 19 factory shutdowns, including food, gasoline, clothing, tech items etc, recipients will be getting a little bit of a bump in pay in 2022.
The nation’s almost 70 million Supplemental Security Income recipients will get a 5.9 percent rise in benefits starting in January. That’s the largest increase in benefits in almost 40 years! Back in 1982 COLA or Cost of Living Adjustment was 7.4 percent! It's definitely still not enough for our senior citizens to live on, but any little bit helps I guess, especially since everything is more expensive now. Those who are disabled, blind or age 65 and over are all allowed to collect SSI.