U.S. Social Security benefits to rise by most since early ’80s

Published by
Reuters

(Reuters) -U.S. Social Security benefits for more than 70 million Americans will rise by 5.9% for next year, the Social Security Administration said on Wednesday, marking the largest annual increase in roughly four decades owing to this year’s run-up in inflation. The payments for most recipients will rise in January, though a smaller pool will start receiving their larger checks in December. The average Social Security retiree benefit recipient will see a monthly payment of $1,657 next year versus $1,565 in 2021, an increase of $92 per month. The increase is the largest cost of living adjustm…

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