The Social Security Administration has announced several changes set to go into effect next year to address inflation and the financial stability for more than 70 million recipients. The changes are set to affect those who retire, those who receive disability payments and Veterans Affairs benefits, and others who rely on Social Security benefits.

Arguably, the biggest change coming to Social Security in 2025 is the annual cost-of-living adjustment, or COLA. To be sure, inflation has cooled off considerably, and as a result, the COLA that goes into effect for 2025 isn't nearly as large of an increase as those of the past few years.