Below are the latest expert predictions for what the 2025 COLA could be as of September 2024. For more, don't miss how to apply for Supplemental Security Income and how to estimate how much in Social Security benefits you could receive .

The Social Security Administration will only withhold taxes from your monthly checks if you ask it to, and then only in preset percentages ranging from 7% to 22%. But whether the SSA withholds taxes from your monthly check or not, next year's COLA is likely to come with an extra tax burden for many retirees.

“Retired U.S. presidents do receive Social Security benefits just like any other American who’s paid into the system during their working years,” said Cliff Ambrose, founder and wealth manager at Apex Wealth in Danvers, Massachusetts, in an email.

The inflation data for August gives us a pretty good idea about the likely magnitude of Social Security’s cost-of-living adjustment (COLA) for 2025. This automatic indexing of benefits to keep up with rising prices — always a wonderful feature of our Social Security program — has been particularly valuable in light of the recent bout of inflation.