Knowledge gaps concerning Social Security can lead to financial mistakes and lost spending power in retirement. So, beneficiaries must stay informed on changes to the program. Read on to learn about three big Social Security changes that will take effect in January 2025. Image source: Getty Images.

One factor that many Americans need to prepare for is the possibility of early retirement, whether it's by choice or due to a job loss, illness, or caregiving responsibility. The average American retires at age 62, three years before the typical age of Medicare eligibility.

Two rounds of Social Security payments for retired and disabled Americans will be made this week. All Social Security benefits are paid directly into bank accounts by the Social Security Administration (SSA),

If you're among the millions of Americans who rely on Social Security to make ends meet, then you may be eager to find out what your 2025 cost-of-living adjustment (COLA) will amount to. At the start of 2024, Social Security recipients saw their benefits rise by 3.2%. And you may be wondering if you can expect a similar boost in the new year.

Almost every essential good has risen across the board in recent years, and that has many seniors concerned. Indeed, if the annual cost of living adjustments (COLA) put forward by the SSA can't or don't match the real rising costs seniors face,