Seniors Could Get a 6.2% Social Security Raise in 2022

Seniors who rely heavily on Social Security often find themselves cash-strapped in retirement. That's because those benefits aren't always so generous to begin with, and also, because the raises they get (known as cost-of-living adjustments, or COLAs) are often stingy themselves.

In 2021, seniors got a 1.3% boost to their Social Security benefits. But next year's raise is shaping up to be a lot more substantial.

We won't know what next year's Social Security COLA will look like until we get complete third quarter data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). And that won't happen until October.

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Source Fool.com