Millions of retired Americans rely on Social Security to pay their bills, so any increase in benefits would certainly be welcomed by virtually every senior in the United States.
The coronavirus pandemic caused an economic crisis, forcing the government to intervene and spend more money than ever.
Though this has helped millions, the reopening of the economy coupled with supply chain shortages has boosted inflation and caused prices to rise.
In response to these developments, benefits from Social Security will be increased.
Read more below.