Biggest COLA Increase For Social Security Recipients Since 1981
View Source | October 13, 2022 9:50 am
- Beginning in January, Social Security recipients will receive an 8.7 percent bump in their benefits, the biggest increase since 1981.
- The increase, known as a cost-of-living adjustment (COLA), will work to combat the impacts of record-high inflation on more than 64 million retired Americans collecting Social Security.
- However, Social Security recipients had already lost 48 percent of their buying power as of August, eroding the entirety of the increase, according to the Senior Citizens League.
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