Inflation triggers 5.9% increase in Social Security benefits for 2022

It’s the largest increase in nearly 40 years, according to the Social Security Administration.

Inflation triggers 5.9% increase in Social Security benefits for 2022
This Tuesday, Oct. 12, 2021, photo shows a Social Security card in Tigard, Ore. Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022. The biggest cost-of-living adjustment in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic. Jenny Kane / AP Photo
Inflation triggers 5.9% increase in Social Security benefits for 2022
This Tuesday, Oct. 12, 2021, photo shows a Social Security card in Tigard, Ore. Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022. The biggest cost-of-living adjustment in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic. Jenny Kane / AP Photo

Inflation triggers 5.9% increase in Social Security benefits for 2022

It’s the largest increase in nearly 40 years, according to the Social Security Administration.

About 70 million Americans will see a 5.9% increase in their Social Security and Supplemental Security Income benefits next year due to inflation.

Reset brings on an expert to discuss what the increase means for recipients and share tips on retirement savings and decisions.

GUEST: Melissa Favreault, senior fellow in the Income and Benefits Policy Center at the Urban Institute