Now that the 2025 COLA increase has been announced by the Social Security Administration, here's what you need to know.

In reality, many older American end up retiring on Social Security alone. And people in that boat unfortunately risk a world of financial hardship -- especially when Social Security benefits don't rise very much from one year to the next.

With the 2025 COLA announcement, the average Social Security check for individual retirees will increase from $1,927 per month to $1,976