Inflation has taken a toll on millions of Americans, and many retirees living on a fixed income have been hit hard. Fortunately, Social Security's cost-of-living adjustment (COLA) could make it a little easier to pay the bills. The annual COLA is designed to help your benefits keep up with inflation and maintain buying power over time.

There's been a lot of buzz about the upcoming COLA and how it could affect retirees. Here's what you need to know right now.

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Source Fool.com