Step aside, Wimbledon. Forget the summer Olympic games. Many retirees across the U.S. are much more interested in how much their Social Security benefits will increase next year.

They now have a better feel for what the magic number might be. Here's the latest Social Security cost-of-living adjustment (COLA) estimate -- and why it's both good news and bad news for retirees.

Image source: Getty Images.

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Source Fool.com