Social Security checks may see a huge raise next year. Will it be enough?

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Social Security checks may see a huge raise next year. Will it be enough?

The ongoing spike in inflation that has Americans paying more for gas, food, cars and many other things could lead to the biggest Social Security boost in almost 40 years when officials announce the cost of living adjustment, or COLA, for 2022.

Plus, members of Congress have proposed changes to how the COLA is calculated, which could result in even larger Social Security checks for 55 million retirees, their dependents and survivors.

But inflation already has led to tremendous hikes in some living costs for U.S. seniors, who have had to scramble to find ways to save money, according to advocacy group The Senior Citizens League. So, even a major increase may not be enough.

The 2022 COLA could be biggest since 1983

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Valerii Evlakhov / Shutterstock

Social Security’s 2021 cost of living adjustment, which began affecting…

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