How Next Year's Social Security Increase Crushes the Average

Seniors receiving Social Security checks are entitled to periodic benefit increases called Cost of Living Adjustments (COLAs). These COLAs are critical to ensure retirees don't lose buying power as prices rise over time due to inflation.

In recent years, however, the COLAs have been very small. That's all changing in 2022, though, as this year's benefit increase is more than four times higher than the average in recent years.

Image source: Getty Images.

Source Fool.com