For a majority of retirees, Social Security represents more than just a monthly check. The income Social Security's roughly 55 million retired-worker beneficiaries receive monthly is often vital to making ends meet. Given how important Social Security income is to the financial well-being of our nation's aging workforce, few announcements are more anticipated than the annual cost-of-living adjustment (COLA) reveal in October. Social Security's COLA is essentially the near-annual "raise" passed on to recipients that accounts for the inflation (rising prices) they've faced. If benefits didn't adjust for inflation, retirees' buying power would decline over time. Social Security's Trump bump-driven 2027 raise will be historic. Image source: Official White House Photo by Molly Riley.
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