When most of us retire, we'll be living off our investments, to some degree and, most likely, also receiving critical income from Social Security. It's only fair, since most of us have been taxed on our earnings for Social Security (and Medicare) for all our working lives.

COLA estimate is pegged at 2.2% after March's inflation report. But experts say Trump tariffs may influence the final COLA.

The updated forecast comes amid economic uncertainty sparked by the Trump administration's recent announcement of broad new tariffs on imports.