If you are receiving Social Security retirement benefits, it's important to understand how they work -- and how your income from this source could change over time.

Specifically, you should understand the cost-of-living adjustment, or COLA, as this can impact your buying power during your retirement. The rules for the COLA mean that you're likely to see a benefits increase next year, but it may not be a big one and may not actually provide you the support you need. You must be prepared for that.

Here are three key things you need to know today about the 2025 COLA so you can start making financial moves now to get ready for next year.

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Source Fool.com