Why Your Social Security Income Could Increase 5% (or More) in 2022
In October, Social Security may award retirees the biggest increase in benefits since the 1980s. On Tuesday, the Bureau of Labor Statistics updated the key inflation measure -- CPI-W -- used by Social Security to determine annual cost-of-living increases.
The latest figures, which reflect how much working households spent on goods and services in August, suggest Social Security benefits could increase over 5% in 2022. Here's how Social Security calculates it's annual increase and what an increase may mean for the average retiree.
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Source Fool.com
