Social Security Announces 2.8% Increase for 2026, Benefiting Millions

Economy

Social Security Announces 2.8% Increase for 2026, Benefiting Millions

1 month ago

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Social Security Announces 2.8% Increase for 2026, Benefiting Millions

Credited from: ABCNEWS

The Social Security Administration has announced a 2.8% cost-of-living adjustment (COLA) for 2026.
This increase, starting in January, will provide more than $56 additional per month for roughly 75 million beneficiaries.
Despite the increase, many seniors express concerns that it is insufficient to keep pace with rising costs of living.

The Social Security Administration has revealed a 2.8% cost-of-living adjustment for 2026, resulting in an average monthly increase of approximately $56 for more than 75 million Americans. This adjustment, effective from January, represents a slight rise from the previous year's 2.5% adjustment. Beneficiaries of Supplemental Security Income will see changes starting on December 31, 2025. The increase is attributed to adjustments in inflation data, demonstrating a response to the 3% annual inflation rate reported in September, according to CBS News, LA Times, and Reuters.

This 2.8% adjustment is the first increase exceeding the prior year's for the past three years and reflects moderating inflation rates following significant rises in previous years. The largest past adjustment occurred in 2023 with an 8.7% increase. Social Security Administration Commissioner Frank Bisignano emphasized that the increase "is one way we are working to make sure benefits reflect today’s economic realities," highlighting the importance of these adjustments for retirees, according to ABC News and India Times.

CBS News, India Times, and Reuters.