Retirees: Here's How Much Your Social Security Checks Will Increase in 2022

Social Security recipients are about to receive one of their biggest benefit hikes in decades.

Nearly every year, the Social Security Administration implements a cost-of-living adjustment (COLA) to factor recent inflation into the size of beneficiaries' monthly checks, giving them a shot at keeping up with rising costs. It's one of the biggest perks of the Social Security program.

Next year, retirees and other beneficiaries will see their monthly payments increase by a whopping 5.9% -- the biggest hike in roughly 40 years. For comparison, 2021's COLA was just 1.3%, and they have generally landed between 1% and 3% in any given year.

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Source Fool.com