We're About 2 Months Away From a Major Social Security Announcement

Social Security is a critical income source for millions of seniors. And these days, retirees may be more reliant on those benefits than usual.

The stock market has been extremely volatile since the start of the year. As such, many retirees have been depending more on their Social Security income so they can leave their portfolios alone and avoid taking losses.

Meanwhile, each year, Social Security benefits are subject to a cost-of-living adjustment, or COLA. The purpose of COLAs is to help ensure that seniors are able to maintain their buying power as living costs rise due to inflation.

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Source Fool.com