Social Security benefits to increase by almost 6% in 2022

Social Security benefits for approximately 70 million Americans will increase 5.9% next year, the Social Security Administration announced Wednesday.

Why it matters: It's the largest cost-of-living adjustment in 39 years as inflation continues to tick up largely from supply chain issues, according to AP.

The big picture: The increased payments will begin for more than 64 million Social Security beneficiaries in January 2022.

• Increased payments to approximately 8 million people on Supplemental Security Income will start Dec. 30, 2021, the SSA said. Some Americans receive both benefits.

Go deeper: Social security funds could deplete earlier than expected due to pandemic