Last month, annual inflation rose by 2.6%, which means that it's already outpacing the 2.5% COLA seniors are in line for in 2025. If that trend continues, Social Security recipients could end up losing out on tons of buying power.

If you're retired or will be retiring soon, Social Security will likely play a role in your financial future. More than 40% of baby boomers say their benefits will be their primary source of income in retirement,