Many investors see inflation as their biggest fear, and soaring prices on essentials like food and fuel have hurt consumers deeply. For those living on a fixed income through Social Security, those price increases are especially difficult to handle.

Fortunately, Social Security recipients get annual increases in their benefits based on inflation. However, there's a lag before the payment boosts kick in. Right now, price trends suggest that even after the 39-year high cost-of-living adjustment (COLA) of 5.9% that Social Security gave last year, the COLA that will take effect at the beginning of 2023 could be far higher.

As bad as inflation was in 2021, this year's price increases have only accelerated. Coming into last Friday's report on the Consumer Price Index (CPI), price levels had already jumped by 3.9% in the first four months of 2022.

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Source Fool.com