How Social Security works and what to know about its future

By CORA LEWIS
Associated Press

NEW YORK (AP) — Tens of millions of older Americans will see a major increase in benefits this January when a new cost-of-living adjustment (or COLA) is added to Social Security payments. The increase is not expected to have a big impact on the trust that funds Social Security. That fund was already predicted to be insolvent by 2035. But that doesn’t mean there will be no Social Security payments after that date. A trustees report released in June said the government will still be able to pay 80% of scheduled benefits when the fund is depleted.