Once you’re enrolled in Social Security, you typically don’t need to do much else related to the federal program. Of course, if your address, bank account, or marital status changes, you should update your information with the Social Security Administration. If you decide to withdraw your application (e.g. to continue working), you can do so within 12 months.

Aside from these exceptions, Social Security retirees are primarily required to pay taxes owed on benefits. Many retirees don’t even have to do this if their income isn’t high enough to pay federal taxes and they live in a state that doesn’t tax Social Security benefits.

However, there is another thing that all retirees have should What to do when it comes to social security? And you should do it on October 10th – just a few days away.

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Go online

The good news is that what retirees should do on October 10th is easy: all you have to do is go online. To be specific, visit the Communications Corner of the Social Security Administration website.

As you scroll down this webpage, you will likely see several links to press releases. However, sometime on the morning of October 10, 2024, a press release will be issued announcing the 2025 Social Security Cost of Living Adjustment (COLA) information.

In this press release you will learn what the percentage increase in Social Security benefits will be starting in January 2025. It will also likely indicate what the average increase in Social Security benefits will be next year.

In the past, Social Security’s COLA announcements also included information about other changes that will take effect next year. For example, the press release announcing COLA 2024 also discussed an increase in the maximum Social Security payroll tax.

Why on October 10th?

If you’re wondering what’s special about October 10th, the answer is: that’s when the Bureau of Labor Statistics (BLS) releases its September inflation numbers. BLS does not release September inflation numbers on October 10 each year. However, the agency publishes its inflation data around the middle of the month.

These inflation figures include the Consumer Price Index for Urban Wage Earners and Office Workers (CPI-W). Social Security uses the CPI-W to calculate the annual COLA.

However, it is not just the September CPI-W that is used. Social Security compares the average CPI-W for the third quarter of 2024 to the average for the third quarter of 2023. The percentage increase (rounded to the nearest tenth of 1%) is equal to the official Social Security 2025 COLA.

How much is the Social Security COLA expected to be?

You’ll have to wait a few more days to find out the exact amount of the 2025 Social Security COLA. However, it’s not too early to get a feel for what it’s likely to be like.

Based on CPI-W numbers from July and August, the nonprofit senior advocacy group Senior Citizens League expects the COLA to be 2.5% in 2025. This would equate to an average monthly benefit increase for retirees of $48.

An increase of 2.5% is lower than the COLA of 3.2% in 2024 (and much lower than last year’s 8.7%). However, it is not too far below the average performance increase of around 2.6% over the last 20 years.

Check online on October 10 to find out exactly how much your Social Security benefits will increase. But even if you don’t, you’ll find out relatively soon. The Social Security Administration typically begins notifying individuals by mail of their new benefit amount beginning in December.