In mid-October, retirees are going to get some important news from the Social Security Administration. It is news many people have been waiting for, and it will have a profound impact on the finances of seniors across the country.

So, what's the big news? It's the amount of the cost-of-living adjustment (COLA) retirees can expect to receive in 2023. It reveals how much seniors' Social Security checks will increase next year. 

COLAs were built into the Social Security benefits program for an important reason: The price of goods and services goes up over time. If retirement checks were fixed at a set amount and never increased, retirees would dramatically lose buying power over time. Their benefits would be worth very little in real terms by the end of their retirements. 

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Source Fool.com