Significant changes to benefits will come into effect in the New Year, authorities have confirmed. Millions of Americans will by affected by the changes to retirees and disability benefits after they were tweaked by the Social Security Administration (SSA),

Social Security's cost-of-living adjustment (COLA) isn't the only notable change to America's top retirement program in 2025.

Both provisions would be repealed by the bill, thereby increasing Social Security payments for many. The budgetary effect of the legislation is considerable, adding an estimated $195 billion to federal deficits over 10 years, according to the Congressional Budget Office.