Some of the highest inflation rates in the United States for decades occurred in 2022. Although costs have skyrocketed this year, making things financially tight for many people, it also has a good side—for next year. The abnormally high rate means that the annual cost-of-living adjustment (COLA) made by the Social Security Administration (SSA) will give the highest raise to Social Security recipients in more than 40 years.
The national inflation rates during July, August, and September of 2022 determine the new COLA, which was an average of 8.7 percent. For many people, it means that their Social Security benefits will increase by 8.7 percent. The rise in benefits should help many seniors more easily make their monthly financial obligations….