WAUSAU, Wis. (WAOW)-- Social Security payments will be raising by 5.9% starting next year.
The Cost-of-Living Adjustment was created in 1975 to ensure Social Security and supplemental security income would not be outweighed by inflation and people living longer.
The 2022 increase will raise the average person income by 92 dollars.
Kevin Hermening, CEO of Hermening Financial Group, says this increase will help with recipient's month to month costs.
“Social Security's increase of the 5.9% is going to make it easier for people who are relying more on the benefit to pay their bills,” said Hermening.
The adjustment will take place starting December 31, 2021 and will be impacting nearly 70 million people.
Hermening says the impact of the raise will help those who are relying on Social Security as their sole source of income.
" It is very possible to live solely on Social Security but you better be debt-free, you better have an extremely modest lifestyle, you better have your mortgage paid off, your better plan on not traveling anywhere.” said Hermening, “it is not enjoyable to be someone who lives just on Social Security."