Many workers are used to getting a raise at the start of a new year. And seniors on Social Security often have the same experience.

Each year, Social Security benefits are subject to cost-of-living adjustments, or COLAs, the purpose of which is help make sure that benefits are able to keep pace with inflation. Many seniors get all or most of their retirement income from Social Security alone. So in order for those seniors to be able to maintain their standard of living as costs rise, they need a boost to their benefits.

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Source Fool.com