People will see an increase in their Social Security checks in 2022

People who get Social Security could see an increase in their upcoming payments in the new year.

The Social Security Administration announced Wednesday that the cost of living adjustment is projected to be 5.9% in 2022.

This is increase is meant to address this year’s rising inflation rates. This means more than 70 million people will see an increase of about $90 a month in their social security checks.

Roughly 8 million of those people could see the change by Dec. 30.

This is the largest increase beneficiaries have seen in about 40 years.