Every year, the Social Security Administration adjusts benefits based on cost-of-living (also called COLA).  It’s averaged about 1.7% annually as inflation remained low.  But in 2022, the increase is set for 5.9% - the biggest boost in beneficiary checks in 40 years.  It’s all because the economic recovery from the pandemic has triggered rising prices for a wide range of goods and services.  Should retirees view this as a pay hike?  Does this change any strategies when including Social Security in a retirement plan? 

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