If you’re on Social Security, you can expect your checks to increase by 5.9% in January. That’s the biggest cost-of-living adjustment recipients have seen since 1982. Here’s what that will look like for the average recipient: Retired workers will get an extra $92 a month on average, bringing the average monthly benefit to $1,657. Disabled workers will get an extra $76 a month on average, bringing the average monthly benefit to $1,358. The maximum Supplemental Security Income (SSI) benefit for individuals will increase by $47 a month, bringing the maximum monthly benefit to $841. A 5.9% COLA sounds pretty generous, considering that Social Security benefits increased by just 1.3% in 2021. But as prices for everything from groceries to housing skyrocket, will an extra $92 a month really be enough for the average retiree? Why a 5.9% COLA Isn’t Great News If you receive Social Security benefits, you may find that an extra $92 a month doesn’t stretch very far. Soaring inflation is t...
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