Social Security benefits will arguably lose buying power next year because the 2.5% COLA understates inflation.

A Social Security cost of living increase offers retirees options such as managing costs, saving or enjoying small splurges.

An estimated 96.7% of adults aged 60 to 89 receive Social Security. Although the average monthly benefit amount for retired workers was just $1,920 in August 2024, Social Security constitutes a

If it weren't for Social Security, millions of older Americans would no doubt struggle to keep up with their ongoing expenses. That's what makes Social Security's cost-of-living adjustments (COLAs) so important.

This double SSI check is due to Dec. 1 falling on a Sunday this year. Recipients, who usually receive their checks the first of the month, will get their November payment on Nov. 1, and their SSI payments for December will be distributed on Friday, Nov. 29, according to the SSA calendar.

The most direct and obvious effect of the new COLA is the increase in monthly benefits. If your monthly Social Security benefit is $1,000 this year, it will be $1,025 starting in January 2025. If it's $2,000 now, it'll be $2,050.

Question: This is my first year on Social Security. Do I have to update any forms to get the COLA? I think this is a scam, but I thought I should check.

The annual Social Security cost-of-living adjustment, or COLA, is one of the most important features of the government program. Without those annual raises, seniors would quickly find the purchasing power of their monthly annuity checks failing to meet their needs. That might feel like the case for some even with the COLA.

Still, the recent news raises a handful of questions among the retirees it impacts the most. Here are a few things you might want to know about these annual cost-of-living adjustments. The annual COLA isn't a number arbitrarily decided by the Social Security Administration.