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Inflation

Social Security Payments Set for Biggest Rise Since 1981

Social Security Payments Set for Biggest Rise Since 1981
Care giver treats hair of nursing home resident at a Quality Life Services facility in western Pennsylvania. Courtesy of the Pennsylvania Health Care Association
Nicholas Dolinger
Nicholas Dolinger
8/11/2022|Updated: 8/11/2022
0:00

Social Security recipients may be due for the largest cost of living adjustment (COLA) to their benefits in decades as the Social Security Administration prepares to address the impact of rampant inflation.

According to a recent analysis by The Senior Citizens League, an advocacy group that promotes the interests of the elderly, Social Security benefits are currently being eroded by inflation at a rate of more than 3 percent per year. The league predicts that if this trend continues, recipients will see their purchasing power decline by 11.2 percent over the next 12 months.

Nicholas Dolinger
Nicholas Dolinger
Author
Nicholas Dolinger is a business reporter for The Epoch Times.
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