There's no announcement more anticipated each year by Social Security's more than 66 million beneficiaries than the cost-of-living adjustment (COLA). The program's COLA, which is unveiled during the second week of October, lets program recipients know how much their benefit will increase in the upcoming year.

Although the 2024 COLA did come in above the average benefit increase over the past 20 years, it's still a major letdown in a variety of ways.

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Source Fool.com