Last month, the Social Security Administration shared some news that millions of seniors have been waiting for -- an official 2025 cost-of-living adjustment, or COLA. Benefits will be rising 2.5% at the start of the new year.

Among Social Security recipients aged 65 and older, 37% of men and 42% of women depend on their monthly benefits for 50% or more of their income. So it makes sense that many older Americans rely on the program’s annual cost-of-living adjustments (COLAs) to continue to make ends meet.

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