Each year, many retirees are excited to find out how big a Social Security raise they're getting. This "raise" comes in the form of a cost-of-living adjustment (COLA) that usually increases benefits. Because of the COLA, seniors get a slightly bigger check starting in January of most years, compared with the amount they received before.

While it may seem like it makes good sense for seniors to get excited about receiving more money, it's actually really important that retirees come to terms with a harsh truth about their COLA.

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Source Fool.com