But for anyone who receives Social Security benefits, there's another big event next month. The 2025 Social Security cost-of-living adjustment (COLA) will be announced in October. Here's what that means for retirees.

The Social Security Administration is less than two weeks away from announcing its cost of living adjustment (COLA), the annual bump in recipients' payments to help them deal with inflation.

Technically, the Social Security Administration will apply the 2025 COLA to your December 2024 payment. But since you receive Social Security checks in the month after the month they're due, you won't get your first payment with the COLA until January 2025. The exact date depends on the day of the month you were born, as follows:

Social Security serves as a critical source of income for millions of retired seniors. And for those who rely on those benefits heavily to pay the bills, annual raises often spell the difference between being able to make ends meet and struggling financially.

The Social Security Administration is expected to announce its cost of living adjustment in just two weeks. The increase is meant to help offset inflation, which can take a chunk out of recipients’ payments.

We're less than two weeks away from the 2025 Social Security cost-of-living adjustment (COLA) announcement. The government will have the last piece of data it needs to do the calculation on Oct. 10, 2024.