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Social Security COLA update: Benefits are going up, but it’s not all great news for seniors

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American retirees who’ve seen meager increases to their Social Security checks for the past decade, and likely just modest ones for their entire retirement, got some exciting news from the government today: The Social Security Administration announced that the roughly 70 million who rely on Social Security and Supplemental Security Income benefits will receive a 5.9% cost-of-living adjustment (COLA) for 2022—the single biggest jump since 1982. For the average Social Security benefits check of $1,565, this would hand that check’s recipient an additional $92 a month.

Social Security checks get a........

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