New Cola increase set to begin in 2022 with larger monthly checks

MILLIONS of social security beneficiaries will see a huge 5.9percent cost-of-living adjustment in January 2022. The average cost of living allowance – or Cola, as it is commonly called – will increase by $92 per month from the start of 2022. But the exact amount for each of the 64million recipients varies, according to CNBC. The huge spike is down to a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic. With the increase, the federal benefit will be at its highest point sine 1982. The estimated average Social Security payment for a… Read Full Article