People around the world are feeling the hit of higher prices. Inflation has hit 40-year highs in the U.S. as well as in many areas around the globe, and it's taking its toll on the personal finances of millions of families.

In particular, those who have retired and live on fixed incomes are struggling to deal with higher prices. Fortunately, Social Security gives its recipients annual cost-of-living adjustments (COLAs) that are tied to the inflation rate. Retirees can expect to get a boost to their monthly checks in January that will account for inflation over the preceding year.

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Source Fool.com