For your retired clients, one piece of good news is that they may see an increase in their Social Security benefits in 2017. The bad news is that inflation may now be heading higher, a trend that would erode the purchasing power of fixed incomes.

Since bottoming in February, U.S. inflation has been on fire. The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), upon which changes in Social Security's Cost of Living Adjustment (COLA) are calculated, increased at an annualized rate of 5.6% from February through June.

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