Social Security Benefits Are Getting a 5.9% Raise for 2022

For years, seniors on Social Security have struggled to maintain their buying power. That's because the annual raises they've received -- known as cost-of-living adjustments, or COLAs -- have been notoriously stingy.

Meanwhile, the cost of common goods and services has continued to increase, leaving seniors out in the cold. Next year, however, Social Security recipients will be in line for their most generous raise in decades.

In 2022, Social Security beneficiaries will get a 5.9% raise. Right now, the average senior on Social Security collects a monthly benefit of about $1,559. With a 5.9% COLA, that raises that average benefit to $1,651, leaving seniors with an extra $92 a month to enjoy.

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Source Fool.com