US social security beneficiaries to see highest increase in 41 years
Oct 14, 2022 - 02:19 AM
ANKARA (AA) – US social security beneficiaries will see their highest increase in 41 years because of record inflation, the Social Security Administration said Thursday.
The cost-of-living adjustment, referred to as COLA, for beneficiaries next year will be 8.7% — the largest increase since 1981 when it stood at 11.2%.
The increase, if realized, will be an additional $146 per month in the average check, or a cumulative of $1,827 in 2022.
COLA is closely correlated to the Consumer Price Index (CPI) which has been hovering around its highest in more than 40 years.
Annual CPI showed an increase of 8.2% in September, coming in higher than the market estimate of 8.1%.