THIS is how millions of Americans could see monthly checks of worth $1,657 and $251 thanks to new cash boosts coming in 2022.

Social Security recipients will receive an annual cost of living adjustment of 5.9% next year, the largest increase since 1982 - but it comes amid soaring inflation.

The spike will boost retirees' monthly payments by $92 to an estimated average of $1,657 for 2022.

It's the largest adjustment that today's beneficiaries have seen, Mary Johnson, Social Security and Medicare policy analyst for The Senior Citizens League told CNN.

The roughly 70 million people who get Social Security, including retirees, Americans with disabilities and others, receive a cost of living adjustment, or COLA, each year.

It's based on a one-year increase in inflation and is designed to help beneficiaries cope when prices rise.

In 2021, the adjustment was 1.3% which translated into a roughly $20 a month increase for retired workers.

But recipients should think twice before going on a spending spree amid soaring inflation because higher prices will wipe out part of the adjustment.

Medicare Part B premiums for 2022 are also rising sharply, further cutting into their monthly Social Security checks.

The standard monthly Medicare Part B premium will be $170.10 next year, up from $148.50 for this year.

While the federal minimum wage has remained $7.25 an hour since 2009, many states, cities and counties have raised their thresholds on their own.

Some minimum wage workers receive a...

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