https://lagradaonline.com/us/new-social-security-changes-in-january/
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As you may know, the fourth quarter of the year begins in October, which is when the Social Security Administration begins announcing significant adjustments for the coming year. Although the program’s frequent adjustments can be disconcerting to retirees, some of them are beneficial. The cost-of-living adjustment (COLA) and the increased wage base limit are the two major numbers just announced by the Social Security Administration (SSA) that retirees should be aware of as they approach 2025. These two numbers affect both those who are receiving Social Security benefits now and those who have not yet claimed them.
3 changes that will impact Social Security checks will change in January
Each year (with a few exceptions), the SSA changes monthly payouts by a certain percentage to help offset these rising costs. The annual COLA is calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This index measures the cost of everyday goods and services purchased by hourly and salaried workers, such as food, transportation, and household items. The COLAs are determined by comparing the average CPI-W for the three months in Q3 (July- August-September) to the average CPI-W for the same three months in the previous year and using the percentage difference.