Rising consumer costs have helped push the latest estimate for next year’s Social Security cost-of-living adjustment to 5.3%.
Whether that will actually be the bump retirees see to their monthly checks in 2022 depends a lot on the economy, including whether the Federal Reserve decides to raise interest rates.
The 5.3% estimate was calculated by The Senior Citizens League, a non-partisan senior group, based on Consumer Price Index data from the Bureau of Labor Statistics through May.
If that amount were to go through, it would be the highest annual adjustment since 2009, when benefits saw a 5.8% boost.
In 2021, Social Security beneficiaries received a 1.3%…