Last October, seniors on Social Security received some excellent and comforting news. Their benefits would be getting an 8.7% cost-of-living adjustment (COLA) in 2023. That's well above the 5.9% COLA that came through in 2022.

Of course, the reason for this year's giant COLA boils down to inflation. But thankfully, the rate of inflation has been declining steadily since 2023's COLA was announced. And if that continues, seniors on Social Security might, for the first time in a while, find themselves with extra money on their hands.

If that's the situation you expect to land in, it's important to make the most of it. See, in recent years, Social Security COLAs have largely failed to keep pace with inflation. So this might be your first and only chance in a long time to use your higher monthly benefits to shore up your savings. Here are some options to look at in that regard.

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Source Fool.com