The Social Security Administration is less than two weeks away from announcing its cost of living adjustment (COLA), the annual bump in recipients' payments to help them deal with inflation.

The average monthly Social Security benefit today is about $1,920. And if 2025's Social Security COLA ends up being 2.5%, that results in an average increase of $48 a month. But if the cost of Medicare Part B rises by $12 a month, it'll shave 25% of that increase off, leaving the typical senior with just $36 extra per month instead.

The official Social Security COLA announcement for 2025 is coming very soon. We'll tell you when and how much you can expect in your checks next year.