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collage of Social Security cards (Photo: Shutterstock)

The annual cost-of-living adjustment, or COLA, for Social Security benefits in 2022 — typically  announced in October — could be 4.7%, the highest since 2009, based on Wednesday’s Consumer Price Index announcement, according to Social Security and Medicare policy analyst Mary Johnson of The Senior Citizens League.

The Social Security Act ties the annual COLA to the Consumer Price Index for Urban Wage Earners and Clerical Workers, known as CPI-W. This inflation measure rose 4.7% from 12 months ago and 0.9% in April, the Bureau of Labor Statistics announced Wednesday.

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