The biggest announcement of the year is within sight, but it's likely to leave Social Security's more than 70 million beneficiaries disappointed.

Several Social Security Administration (SSA) changes are arriving this month for beneficiaries. On October 15, the cost-of-living adjustment (COLA) will be finalized for next year, determining the adjustment for benefit increases to take effect in January.

Find out when your October 2025 Social Security or SSI check will arrive -- payment dates vary by birthdate and benefit type.

The big day for Social Security's more than 70 million traditional beneficiaries is right around the corner. Assuming the government shutdown doesn't delay a key data release, on Oct. 15, the Social Security Administration will unveil a multitude of changes for the upcoming year, with the highlight being the 2026 cost-of-living adjustment (COLA).

The problem with the “basic math” behind delaying Social Security is that it often overlooks longevity risk. While it’s true that waiting longer increases your benefit, your total lifetime payout could be lower if you don’t live as long as expected.

According to the Transamerica Center poll, nearly 40 percent of Gen Xers expect to retire at age 70-plus or not at all. They are more likely than other age groups to cite financial concerns, including not having enough retirement savings and fears that Social Security payments will be less than expected.

The average Social Security benefit for retired workers was $2,005 in June 2025. That figure would increase to $2,059 in the event of a 2.7% COLA, meaning the average retired worker would collect an additional $54 per month next year. However, benefits vary widely across age groups, which means COLAs (as measured in dollars) will vary widely.