If you’re retired and receiving Social Security benefits, you may be aware that your income and expenses could change in the coming months. Each year, the Social Security Administration typically adjusts the checks that are sent to beneficiaries, with the goal of accommodating price changes and inflation. The cost-of-living adjustment, or COLA, is typically announced in October and implemented in January.
MONEYWATCH Planning on retiring at 65? Most Americans retire far earlier — and not by choice
The median retirement age for Americans is actually