Social Security beneficiaries will soon see the biggest jump in monthly checks in 40 years. How to prepare

People who collect Social Security are about to see bigger checks.

The cost-of-living adjustment in 2022 will be 5.9%, the Social Security Administration said Wednesday. The bump, which will help beneficiaries keep up with rising costs due to inflation, is the largest increase in about 40 years.

The adjustment will mean larger checks for more than 70 million Americans. The roughly 8 million Americans on Supplemental Security Income, or SSI, will see the change come Dec. 30, while about 64 million getting Social Security will see the increase in January.

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