Social Security is a valuable source of income for tens of millions of retired workers, disabled workers, spouses of workers, and more. And with pensions declining in popularity in recent years, Social Security is the only source of inflation-protected income many retirees have,

Big changes are coming to Social Security, and they might hit your wallet sooner than you think. From eliminating taxes on benefits to major staffing cuts at the Social Security Administration, President Donald Trump’s proposals could impact the benefits you’ve earned.

When you’ve worked for many years, it’s unsurprising that retirement feels like the pot of gold at the end of the rainbow. However, those planning to retire at age 65 may need to reevaluate their current plan as Social Security is raising the retirement age this year.

Social Security has been the foundation of retirement income for millions of Americans, but as 2025 unfolds, retirees face growing concerns about its future. Rising costs, potential benefit adjustments and policy changes are all shaping the conversation.

As of 2022, the median retirement savings balance among Americans aged 65 to 74 was just $200,000, per the Federal Reserve. Given that statistic, it’s easy to see why so many retirees wind up reliant on Social Security.

Over the last 20 years, the cost-of-living adjustment has averaged 2.6%, according to the Senior Citizens League.

The process behind calculating the COLA remains a mystery to many. Here's what every retiree should know about how the COLA is determined and what changes might be on the horizon.