Social Security checks could grow by about $175 a month, advocacy group says

Inflation has surged by 9.1%, according to new data released Wednesday. (Source: CNN/Pool)
Published: Jul. 14, 2022 at 12:17 PM CDT
Email This Link
Share on Pinterest
Share on LinkedIn

(CNN) - Social Security recipients could see a 10.5% increase in their payments next year.

That’s according to a new estimate by the advocacy group, The Senior Citizens League.

The increase would add about $175 to the average monthly retiree benefit, which is currently $1,668.

A U.S. Treasury check is pictured in this Oct. 22, 2014 photo. Social Security recipients could...
A U.S. Treasury check is pictured in this Oct. 22, 2014 photo. Social Security recipients could see a 10.5% increase in their payments next year according to an advocacy group.(Tony / MGN)

The estimate is based on the June reading for an inflation measure the Social Security Administration uses to calculate the annual cost of living adjustment.

How much more retirees, Americans with disabilities and other recipients will actually get won’t be determined until the fall.

The league says if inflation increases over the coming three months, the adjustment could be more than its current estimate, but if price hikes moderate, the bump could be less.

Whatever it ends up being, the adjustment will likely be the largest since the early 1980s. That’s the last time seniors got a double-digit boost.

Copyright 2022 CNN Newsource. All rights reserved.