The Social Security cost-of-living adjustment, or COLA, for 2025 is a 2.5% increase. That means the monthly benefits checks for more than 72.5 million Americans will see their lowest annual bump in four years.

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Here is the January Social Security payment schedule for retirement, disability, and survivor beneficiaries, as well as those who receive Supplemental Security Income (SSI).

The first round of January’s Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, goes out to the first group of retirees today. Here is all you need to know about this month’s Social Security payments,

Social Security benefits can be taxable on the federal level for many retirees. Less than 20% of states tax Social Security benefits. Even among those states that tax Social Security benefits, it’s typically at higher income thresholds than the IRS uses.

You can maximize your benefits if you wait to claim Social Security until your full retirement age or older. However, claiming earlier could shrink your monthly check by as much as 30 percent. Workers can start to get Social Security retirement benefits as early as 62 years of age.