Social Security isn't the only government benefit that is affected by the COLA. Social Security Disability Insurance, Supplemental Security Income, Medicare, Supplemental Nutrition Assistance Program (including food stamps and other programs) all use COLA to account for inflation when setting benefits.

Social Security's upcoming cost-of-living adjustment (COLA) may offer a rare instance where history is made, but disappointment is the end result.

Ensuring that seniors have enough to feed and house themselves with dignity is a major reason why we advocate for a minimum COLA of 3%,” said Shannon Benton, executive direct

The Social Security Administration is making a major announcement next month. A boost in benefits makes it easier for seniors to keep up with rising costs. However, Social Security is still struggling to maintain buying power.