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Biden will give around 70M retirees a 5.9% boost in Social Security payments in the biggest cost of living adjustment in 39 years - to keep up with rampant inflation under his administration

-Social Security Administration has not raised benefits so drastically year-over-year since 1982

-Social security checks will raise 5.9%, about $92 for the average retired worker, in a shocking display of inflation

-A typical retired worker will now receive $1,657 a month starting next year

-To account for the added cost to taxpayers, the Social Security tax will be applied to earnings up to $147,000 in 2022, up from $142,800 this year

-The increase will hit the paychecks of 12million high-income workers

By MORGAN PHILLIPS, POLITICS REPORTER FOR DAILYMAIL.COM

PUBLISHED: 10:30 EDT, 13 October 2021 | UPDATED: 13:44 EDT, 13 October 2021