Social Security imposes taxes on benefits for people who earn above a certain income -- and that income threshold hasn't changed for decades.

Consider it like this: If the average retired worker benefit at age 70 is $2,068 per month, and Social Security's 2025 COLA is 2.5%, then the average 70 year old will receive an additional $51.70 per month next year. No other age group has a large baseline benefit, so no other group will receive a larger COLA.

According to the Social Security Administration, nearly 68 million Americans receive a Social Security check monthly. A majority of those are retired. The beginning of tax season is a few months away.

All Social Security recipients will soon receive a raise. On Oct. 10, 2024, the Social Security Administration (SSA) announced that benefits for more than 72.5 million people will increase by 2.5% in 2025.

Without a legislative solution, Social Security trust fund reserves are on track to be depleted just over a decade from now.