Inflation has been a hot topic for years, but it's especially important for retirees and workers on the verge of retiring. Once you're living on a fixed income, rising costs can have a much bigger impact on your finances.

It's especially concerning if you're depending primarily on Social Security -- which is the case for the 60% of current retirees who say their benefits are a major source of income, according to 2024 poll from Gallup.

However, many U.S. adults are unclear about how, exactly, inflation affects their Social Security. That can lead to some misunderstandings in retirement. Here's everything you need to know about inflation and your benefits.

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Source Fool.com