September Is an Important Month for Social Security. Here’s Why.
Millions of older Americans receive a monthly Social Security benefit. And for many, that income is essential to covering their ongoing costs.The good news is that each year, Social Security benefits are eligible for a cost-of-living adjustment that's tied to inflation. And if you're someone who relies on your monthly benefits heavily, you may be eager to know what cost-of-living adjustment (COLA) you'll be eligible for in 2025.Image source: Getty Images.Unfortunately, we don't have that information just yet. But this month, we'll get a lot closer to narrowing down a 2025 COLA.September's data is the last missing piece of the puzzleAnnual Social Security COLAs are calculated based on inflation data from July, August, and September -- specifically, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). If there's a rise in the CPI-W during the third quarter […]