Retirees have complained for decades about Social Security's declining buying power, even in the face of above-average cost-of-living adjustments (COLAs) the last few years. So many were undoubtedly excited when they heard reports of a $600 Social Security benefit increase set to happen with the June payments, the first of which went out on the 12th.

Unfortunately, these reports turned out to be false. The Social Security Administration added a header to its website to clarify the situation and direct people to information about how it calculates and administers COLAs. Here's what you need to know about the next real benefit increase and what it might look like.

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Source Fool.com