Key PointsSocial Security provides a periodic cost of living adjustment.Seniors will see their benefits increase by 5.9% in 2022.The rising costs of five necessities could mean the COLA may not provide much extra buying power.Social Security benefit checks will be much larger next year for retirees. Seniors receiving retirement benefits are entitled to annual cost of living adjustments (COLAs) to help maintain their buying power. The 2022 COLA will provide older Americans with a 5.9% benefit increase.While this may seem like a lot of extra money, the sad reality is that rising prices in some key areas are likely to...