Social Security Benefits Could Skyrocket Next Year
Social Security recipients could see benefits surge next year because of inflation. In June, the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, increased 6.1% versus one year ago, suggesting that retired workers could see the biggest cost-of-living increase to monthly benefits in decades.
We won't know exactly how much Social Security will increase next year until October, but based on June's inflation data, the cost of living adjustment (COLA) in 2022 could top 6% for the first time since 1982.
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Source Fool.com