As of the 2024 Trustees Report, Social Security was contending with a $23.2 trillion (and growing) long-term funding obligation shortfall. Even more pressing, the asset reserves for the Old-Age and Survivors Insurance Trust Fund (OASI), which provides monthly payouts to retired workers and survivor beneficiaries, is expected to be depleted by 2033.

Millions of beneficiaries can expect enhanced Social Security benefits and new limits to Medicare prescription drug costs in 2025.

In just a few weeks, millions of retirees will get their first Social Security checks with the 2025 cost-of-living adjustment (COLA) applied. While many were hoping for a more significant increase to help offset rising living costs,