Seniors may get smallest Social Security cost-of-living increase in years as consumers still face inflation pains

News that inflation has cooled in July and August is bittersweet for Social Security beneficiaries, as it means their payouts are tracking to increase by just 2.5% next year.

For seniors on a fixed income, today’s news that inflation is continuing to cool is bittersweet. That’s because even as the rate of price increases is slowing down, the annual cost-of-living adjustment (COLA) for Social Security payments is likewise expected to be lower this year, too.