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.

The annual cost of living adjustment (COLA) by the Social Security Administration (SSA) to Social Security payments for 2025 is expected to be 2.5%, the smallest COLA increase in the past three years.

However, that number could wiggle upward or downward, depending on how an official inflation reading for September shakes out. Either way, though, you should expect 2025's Social Security COLA to be lower than the 3.2% raise that came through at the start of 2024.