The Social Security Fairness Act was proposed to reverse the rules surrounding the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).

For a majority of Americans, Social Security income is an absolute necessity during retirement. In each of the last 23 years, national pollster Gallup has surveyed retirees to gauge how reliant they are on their Social Security check.

“Retired U.S. presidents do receive Social Security benefits just like any other American who’s paid into the system during their working years,” said Cliff Ambrose, founder and wealth manager at Apex Wealth in Danvers, Massachusetts, in an email.

In 2024, Social Security recipients received a 3.2% adjustment. The average retired worker benefit lands at roughly $1,900 per month, so that amounts to a raise of just over $60 per month. Unfortunately, retirees can expect some not-so-good news about the short- and long-term future of Social Security.

While the official COLA will be announced next month, experts following inflation trends month to month can make fairly accurate predictions for what the adjustment will look like

The annual Social Security cost-of-living adjustment, or COLA, is an important feature of the program. Many retirees rely on the annual bump in benefits to help make ends meet and keep up with the rising costs of everyday life. Last year, Social Security increased benefits by 3.2%.

As more U.S. retirees wonder if they'll have enough funds to last their retirement years, any change to Social Security can prove a significant one.

Social security recipients may have to lower their expectations of the amount of benefits they will be receiving in the next year. According to CBS News, retirees are expected to receive an increase of $48 or 2.