Here’s what you need to know.

Retirees are likely to gain more social security benefits in 2022 this is due to pandemic related reasons.

The Kiplinger Letter stated that the cost of living for retirees are expected to be 6% in 2022. This is the second highest jump since 1982 according to The Kiplinger Letter.

This projection is due to the depressed consumer spending since the coronavirus pandemic. Gas prices significantly rose during this time, car insurance and appliances had the same result. Airline fares and Hotel rates also saw a significant jump in price due to the pandemic.