Inflation is particularly noticeable for people on fixed incomes, like many who receive Social Security. To help offset this, Social Security applies a COLA. For 2025, the COLA will be 2.5%, and while I'm sure retirees appreciate any increase in benefits, many aren't jumping for joy at the amount.

Yet here’s the rub: Many economists and social planners believe Social Security COLAs are too generous! (I have explained why in past columns, but don’t have the space to get into that argument today.) That’s why most discussions of long-range reform for Social Security include proposals to reduce cost-of-living increases.

The Social Security Administration (SSA) recently announced that beneficiaries will get a 2.5% cost-of-living adjustment (COLA) in 2025. The new adjustment will boost the average retirement check

There's perhaps no more important announcement in the context of Social Security than each year's cost-of-living adjustment (COLA). Many seniors rely on Social Security to provide a large chunk of their retirement income.

This year's cost-of-living adjustment is only days away on October 10, 2024. That's when we'll see if the adjustment matches the latest 2025 Social Security COLA estimate of 2.5%. Discover how the Social Security COLA impacts retirees' purchasing power and its effect on Social Security benefits.

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.

With the 2025 COLA announcement, the average Social Security check for individual retirees will increase from $1,927 per month to $1,976

Americans can expect an adjustment in their Social Security benefits, as the federal administration plans to roll out several changes to the program starting early next year. Here's what to know about how the program will change starting early next year.