Rising prices have hammered the U.S. economy this year, as pandemic-era stimulus checks, supply chain problems, and geopolitical conflict have triggered the worst bout of inflation in four decades. That financial pressure has forced millions of Americans to dip into their savings to make ends meet, and the situation has been especially challenging for retired workers on Social Security. In fact, 85% of retired workers say rising prices are stretching their budgets, according to a recent survey from The Motley Fool.

On the bright side, Social Security beneficiaries will receive one of the largest cost-of-living adjustments (COLAs) in history next year, and that raise is looking a little better each month.

Here's what retirees should know.

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Source Fool.com