Social Security's 2022 Benefit Hike Is Looking Bigger and Bigger
Tens of millions of people rely on Social Security for vital retirement income, and many live largely on the fixed income that Social Security provides. One of the most important aspects of Social Security is that its monthly benefits are adjusted each year for inflation through annual cost of living adjustments, or COLAs.
When inflation levels are tame, as they've been for much of the past decade, Social Security COLAs tend to be small. However, price levels have moved sharply higher recently, and that's putting Social Security in a position in which the COLA that will take effect at the beginning of 2022 could be among the top increases it's given since 1990.
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Source Fool.com
