Heads up! Your next Social Security retirement benefits check will likely look dramatically different than your December check. It should be for a larger amount — almost $100 for most recipients. The Motley Fool reminds folks that the benefits boost is due to the cost-of-living adjustment (COLA) for 2022. This year’s COLA is 5.9 percent. That’s the biggest it’s been in decades. In 2021, COLA was a mere 1.3 percent.
But despite the supersized COLA, retirees will likely still struggle financially because of record high inflation that basically wipes out the benefit increase.
The Seniors Trust is committed to protecting and expanding Social Security retirement benefits for every American senior. Its mission is to convince lawmakers to pass the Social Security Expansion Act. This landmark piece of legislation seeks to reform Social Security by adopting a new COLA calculator — one that takes the unique spending habits of seniors into account. This should help protect benefits from the impact of inflation.