Social Security's Record 2022 Increase Isn't All It's Cracked Up to Be

This fall, the Social Security Administration announced that roughly 70 million Americans will see a 5.9% bump in their Social Security payments in 2022. This increase is the highest cost-of-living adjustment in nearly 40 years.

Unfortunately, the raise is due to the high inflation that Americans are seeing across the economy on things like healthcare, food, living expenses, and more. Social Security benefits are much more sparse than many realize, so here is what people need to know about being financially secure in retirement.

The idea that Social Security benefits can fund your retirement is a very misleading impression that many U.S. citizens have. The average monthly payment is approximately $1,543, totaling an annual income of $18,516 per year.

Source Fool.com