Social Security Administration issues 2.8% COLA boost for 2026
October 24 (UPI) — The Social Security Administration announced it will issue a cost-of-living adjustment next year for the millions of Americans who rely on the social safety net.
On Friday, the SSA announced that the 2026 COLA will be 2.8% and retirement benefits will increase by about $56 per month on average starting in January, in an effort to keep up with rising inflation.
“Social Security is a promise kept, and the annual cost-of-living adjustment is one way we work to ensure benefits reflect today’s economic realities and continue to provide a foundation of security,” said SSA Commissioner Frank Bisignano. he said. in a statement.
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Social security according to AARP primary source of income for Approximately 40% of older U.S. citizens (about 75 million) receive federal social security benefits and supplemental security income.
The 2026 COLA is consistent with a projected increase of 2.7% to 2.8%, while 2025’s cost-of-living adjustment is at 2.5%.
SSA Commissioner Frank Bisignano (left) with U.S. President Donald Trump in the Oval Office at the White House in Washington, DC, in August. Recently, Bisignano was also appointed by Trump to the Internal Revenue Service. File Photo: Will Oliver/UPI
According to the nonpartisan Senior Citizens League, Social Security’s COLA has averaged 2.6% over the past 20 years.
However experts recommend this year’s new COLA may do little to ease personal struggles and high prices.
The SSA’s announcement on Friday means tens of millions of Americans losing much-needed food benefits Within days as the Republican-controlled government shutdown continues.
