Social Security getting a boost in 2022

U.S. Social Security benefits are about to get their biggest boost since the 1980s. Starting next year, benefits for more than 70 million Americans will increase by 5.9 percent, according to the Social Security Administration. That means the average monthly payment of $1,565 will go up to $1,657, while the maximum benefit for someone at “full retirement age” will increase from $3,148 to $3,345. The last time payments saw such a big increase was in 1982, when the government increased benefits by $7.4 percent.