Social Security Recipients Could Get , 8.7% COLA Increase As Inflation Keeps Rising.<br />Yahoo Finance reports that around 70 million people who receive Social Security in America could get <br />an 8.7% cost-of-living increase next year.<br />Yahoo Finance reports that around 70 million people who receive Social Security in America could get <br />an 8.7% cost-of-living increase next year.<br />It would be the greatest <br />increase since 1982 if implemented. .<br />The average Social Security recipient would receive an additional $144.10 per month, according to <br />Mary Johnson, a Senior Citizen League analyst.<br />A boost by that much is certainly going to ease the (budget) squeeze. , Mary Johnson, a Senior Citizen League analyst, via Yahoo Finance.<br />Yahoo reports that the 5.9% cost-of-living increase that was implemented last October didn't keep pace with soaring inflation.<br />The average Social Security recipient's $1,656 check is $43.80 a month short of matching actual price increases, says the Senior Citizens League.<br />By March 2022, the purchasing power gap for <br />Social Security recipients had increased to 40%, the <br />largest yearly decline ever recorded by the league.<br />However, some of the recipients worry that they'll have to pay more taxes on their Social Security incomes because of cost-of-living increases.<br />However, some of the recipients worry that they'll have to pay more taxes on their Social Security incomes because of cost-of-living increases.<br />Yahoo reports that the Social Security Administration <br />will likely announce the exact increase after September <br />consumer price index data is released on Oct. 13.<br />Yahoo reports that the Social Security Administration <br />will likely announce the exact increase after September <br />consumer price index data is released on Oct. 13
