This has been a painful year for seniors living on a fixed income, as the U.S. economy is experiencing the highest inflation since the early 1980s. Wages have gone up among the working population, but for retirees, the last 12 months have likely been a difficult experience.

That's why so many retirees have circled Oct. 13 on their calendars. That's when September inflation data will come out, the final data point in determining next year's Social Security cost-of-living adjustment (COLA). In fact, last year, the Social Security Administration announced the 2022 COLA the same day as the September 2021 CPI report.

Seniors may be looking forward to as large an increase as possible; however, if you're one of them, you should be careful for what you wish for.

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Source Fool.com