We're just weeks away before the 2025 Social Security COLA benefit increase will go into effect. Here's what it means for you.

Those who receive Supplemental Security Income will be the first to receive the increase benefit starting later this month.

When a worker reaches FRA depends on when they were born, as shown in the chart below. As shown above, two groups of beneficiaries reached FRA in 2024: (1) Workers born in the second half of 1957 attained FRA at age 66 and 6 months between January and June 2024,

The Social Security Administration (SSA) is set to implement fundamental changes to its benefit payments from 2025. With over 71 million beneficiaries, this federal program will adjust payments based on inflation and the Cost of Living Adjustment (COLA),

Removing a specific claim option could have significant impact on some Social Security claimants, though the pot is being balanced in other ways.

Millions of Americans depend on their Social Security checks each month to make ends meet. Thankfully, Social Security benefits now come with a built-in safeguard against inflation: the cost-of-living adjustment (COLA).