Social Security Recipients Could Get a Big Raise Next Year
Your Social Security income could get a nice boost next year if inflation continues to climb. Every year, Social Security considers changes in the price of goods and services to determine if Social Security recipients deserve a raise.
Based on changes so far this year, the increase could exceed 4% in 2022. If so, then the increase would be the biggest increase since 2008, when recipients nabbed a 5.8% bump up in retirement income.
Social Security's employees don't audit the spending habits of retirees. Instead, the decision to increase payments is based on the annual price change in various goods and services using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
Source Fool.com
