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.

Your future Social Security benefit increases could be affected by which candidate wins the upcoming presidential election.

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.

Vice President Harris and former President Trump have both vowed to protect Social Security, but experts say both of their campaign platforms fall short of specific solutions for a program that faces threats to funding in roughly a decade.