Millions of seniors today rely on their monthly Social Security benefits to make ends meet. And for this reason, retirees all over the country are eagerly awaiting news of a 2025 cost-of-living adjustment (COLA).

The purpose of annual COLAs is to help seniors on Social Security maintain their buying power as inflation makes life more expensive. Some people collect Social Security for decades, so it's imperative that those benefits get a yearly boost to help seniors keep up with rising costs.

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Source Fool.com