Americans that are about to retire should expect to see a 5.9% increase in their Social Security benefits in 2022, which is the largest increase in four decades! The annual cost of living adjustment, also known as COLA, will be a tricky one, however, given the fact that we’re dealing with high inflation.
Even so, advocates believe that the rise won’t be enough to protect retirees from rapidly rising prices. The national average monthly payment for seniors on Social Security will jump to $1,657 in 2022, which is $92 more than in the previous year.
Even better, the plus-size COLA will be a blessing in disguise in some states, compared to others. Here’s how some states will rank for Social Security this year: