Unless you've been under a rock this year, you know just how real inflation has been. From gas to groceries to everything in between, increased prices have been draining people's wallets. In July 2021, the U.S. personal savings rate was 10.5%. At the end of June 2022 (the last available data as of Aug. 14), the savings rate was down to 5.1%.

Inflation is affecting everyone, but it's hitting people on fixed income, like Social Security, the hardest. There is one source of relief from this historically high inflation for these individuals: Retirement benefits could see a big jump in monthly payments next year.

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Source Fool.com