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The annual cost-of-living adjustment, or COLA, for Social Security benefits in 2022 — usually announced in October — could be 5.3%, the highest since 2009, based on Thursday’s Consumer Price Index announcement, according to Social Security and Medicare policy analyst Mary Johnson of The Senior Citizens League, who estimated the 2022 COLA at 4.7% a month ago.

The consumer price index in May rose 5% from 12 months earlier, which is the largest yearly gain since August 2008, the Labor Department reported Thursday. From April, the CPI grew 0.6%, representing the second-largest advance in over a decade.

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Janet Levaux

Janet Levaux, MA/MBA, is Editor in Chief of ThinkAdvisor & Investment Advisor. She's covered the financial markets since 1991 and advisors since 2005. Janet studied at Yale, Johns Hopkins SAIS and St. Mary's College of California. She's also lived and worked in Asia, Europe and Latin America, raised two sons, and won a Neal Award for top news coverage in 2020.

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