Last month, the Social Security Administration shared some news that millions of seniors have been waiting for -- an official 2025 cost-of-living adjustment, or COLA. Benefits will be rising 2.5% at the start of the new year.

An estimated 96.7% of adults aged 60 to 89 receive Social Security. Although the average monthly benefit amount for retired workers was just $1,920 in August 2024, Social Security constitutes a

Retirement brings new financial challenges, particularly when Social Security makes up all or most of your income. ​​To ensure a good quality of life later on, it's vital to cut spending now.