A larger boost could come at a serious cost.

There's a reason lawmakers decided several decades ago that Social Security benefits would be eligible for a cost-of-living adjustment (COLA) automatically each year, as opposed to having to vote one in on an annual basis. Without COLAs, seniors on Social Security would practically be guaranteed to lose buying power from year to year. Making them automatic is a great way to simplify things and avoid burdening lawmakers.

In recent years especially, we've seen how inflation can soar suddenly and not back down. Consumers on the whole have been battling rampant inflation since 2021. And at this point, many people are tired of feeling like their paychecks aren't going far enough -- retirees included.

Of course, a more generous COLA might help

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