The official COLA is still two months away, but July's inflation data has led multiple experts to the same prediction.

A growing number of retirees are heavily reliant on Social Security to make ends meet.

In the most recent iteration of an annual poll from Gallup, 62% of retirees said Social Security is a major source of income for them. That's up from 60% last year. Another 24% said their monthly benefits represent a minor (although meaningful) source of income in retirement.

For any retiree using Social Security payments as a key factor in planning their budgets, few things have a bigger impact on their spending plans than the annual cost-of-living adjustment, or COLA . The COLA is designed to help Social Security payments keep up with the rising cost of goods and services, but m

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