Here's when the Social Security cost-of-living increase goes into effect

Rick Ropelewski |

By Aimee Picchi

Senior citizens and others who receive Social Security checks will soon see a 5.9% increase in their monthly payments, the biggest annual "raise" since 1982. But experts warn that the boost may not be enough to offset fast-rising inflation.

On top of that, seniors will be paying more for their Medicare coverage in 2022, which will also eat away at the increase in their Social Security benefits.



The opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations for any individual.

Aimee Picchi is not affiliated with US Wealth Management, LLC and LPL Financial.