Consider it like this: If the average retired worker benefit at age 70 is $2,068 per month, and Social Security's 2025 COLA is 2.5%, then the average 70 year old will receive an additional $51.70 per month next year. No other age group has a large baseline benefit, so no other group will receive a larger COLA.

Those receiving Supplemental Security Income (SSI) will see a bump to these checks even sooner. These benefits are usually paid on the first of the month, but since Jan. 1, 2025, is a federal holiday, these checks will go out on Dec. 31, 2024.

While the official COLA will be announced next month, experts following inflation trends month to month can make fairly accurate predictions for what the adjustment will look like