The annual cost-of-living-adjustment isn't keeping up with inflation, according to The Senior Citizens League advocacy group.

Social Security's cost-of-living adjustment could rise 2.7%. But Medicare Part B premiums are set to rise even more, eating most of the COLA.

Consumer Price Index (CPI) report was unexpectedly hot, showing a 0.3% increase month-over-month and a 2.7% rise year-over-year. In response, markets fell from recent highs. This is likely due to investors reassessing the likelihood of near-term interest rate cuts by the Federal Reserve.