If inflation remains hot, retirees may get a bigger bump to their Social Security benefits than previously estimated.

Last week, the annual report from the trustees of the Social Security and Medicare programs projected a 3.8% increase in the cost-of-living adjustment (COLA) for beneficiaries’ monthly checks next year. But since the report data was gathered in mid-February, that COLA increase could be “closer to 8%” given the latest inflation data, Stephen Goss, chief actuary of the Social Security Administration, said in a briefing last week hosted by the Bipartisan Policy Center.

That would come as some relief — albeit belatedly — for the roughly 70 million retired senior citizens and disabled workers who are seeing rising prices smashing the buying power of their Social Security benefits and jeopardizing their financial security.

“There is no question that the high rate of inflation is putting a significant strain on current retirees,” Jason Fichtner, vice president and chief economist at the Bipartisan Policy Center, told Yahoo Money. “While a tight labor market and rising wages are bringing in more revenue for the program, cost-of-living adjustments for beneficiaries lag behind. So, while the economic recovery has benefited the trust funds in the long term, current retirees are not seeing an immediate change in benefits that matches the inflation we are all experiencing.”

For many retirees Social Security is a major part of their income

Nearly 9 out of 10 people aged 65 and older receive a Social Security benefit, according to the most recent report by the Social Security Administration. Moreover, Social Security benefits represent about 30% of the income of the elderly. Among elderly Social Security beneficiaries, 12% of men and 15% of women rely on Social Security for 90% or more of their income.

“Retirees on a fixed income, unlike those of us still in the workforce, can’t negotiate a raise with their boss or seek a higher-paying new job,” Fichtner said, “so the impact of inflation for them is especially acute.”