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: