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The Conversation
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John W. Diamond, Director of the Center for Public Finance at the Baker Institute, Rice University

Soaring inflation prompts biggest Social Security cost-of-living boost since 1981 – 6 questions answered

Social Security Inflation United States SNAP
Social Security benefits have lost their purchasing power as inflation has soared in 2022. Luis Alvarez/DigitalVision via Getty Images

Social Security is set to boost the benefits it provides retirees by 8.7%, the biggest cost-of-living adjustment since 1981. It comes as sky-high inflation continues to eat into incomes and savings.

The changes are set to take effect in January 2023 and were announced following the release of the September 2022 consumer price index report, which showed inflation climbing more than expected during the month, by 0.4%.

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