On Oct. 13 the Social Security Administration announced the increase in benefits for social security would be 5.9% come Jan. 2022.
This is the largest increase since 1983 when the COLA was increased by 7.4%.
The adjustment done is by looking at the rate of inflation during July, August, and September by using the Consumer Price Index for Urban Wage Earners and Clerical Workers.
The inflation caused by the pandemic made for a larger-than-normal increase this year.
The decision to increase it yearly began in 1975, with the largest increase to date in 1981 at 14.3%.
2010, 2011 and 2016 saw no increases at all.
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