News that inflation has cooled in July and August is bittersweet for Social Security beneficiaries, as it means their payouts are tracking to increase by just 2.5% next year. For seniors on a fixed income, today’s news that inflation is continuing to cool is bittersweet. That’s because even as the rate of price increases is slowing down, the annual cost-of-living adjustment (COLA) for Social Security payments is likewise expected to be lower this year, too.