COLA stands for Cost-of-Living Adjustment, which helps ensure Social Security and other benefits keep up with inflation.
The COLA increase set for March will affect thousands of beneficiaries, including Social Security recipients.
The COLA boost will result in a higher monthly payment, helping beneficiaries maintain their purchasing power.
The increase is based on the Consumer Price Index (CPI), which measures inflation and changes in the cost of living.
The COLA for 2025 is expected to be significant, reflecting higher inflation rates over the past year.
The increase will directly benefit retirees, disabled individuals, and others receiving government benefits.
The COLA increase comes as rising costs of goods and services continue to impact household budgets across the country.