Social Security plays a vital role in the financial stability of retirees, with nearly 97% of adults aged 60 to 89 receiving or set to receive benefits. The maximum monthly payment for 2024 is $4,873, but the average payout is significantly lower at $1,907, reflecting a steady increase over the years due to wage growth and inflation adjustments. Current legislative efforts aim to reform provisions that reduce benefits for public service workers in Connecticut through the bipartisan 'Social Security Fairness Act', which has garnered over 300 co-sponsors. Additionally, a projected 2.5% cost-of-living adjustment (COLA) for 2025 indicates a modest increase compared to previous years, with final figures to be confirmed in October 2024. The COLA is based on inflation data, which has shown a recent uptick but remains moderate compared to historic adjustments. Overall, these changes highlight the ongoing importance of Social Security for millions of Americans navigating retirement.