Oct. 10 is when September's CPI-W reading is scheduled to be released. Once that happens, the SSA should be able to announce a number of key changes to the program for 2025, including not just an official COLA, but a new earnings-test limit and wage cap.

The inflation data for August gives us a pretty good idea about the likely magnitude of Social Security’s cost-of-living adjustment (COLA) for 2025. This automatic indexing of benefits to keep up with rising prices — always a wonderful feature of our Social Security program — has been particularly valuable in light of the recent bout of inflation.

Millions of older adults rely heavily on Social Security, and every extra dollar counts. In 2024, Social Security recipients received a 3.2% adjustment. The average retired worker benefit lands at roughly $1,