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3w ago

Social Security Sets 2026 COLA at 2.8%, Lifting Benefits by About $56 a Month

Advocates warn rising costs and a likely Medicare Part B premium increase could erode much of the gain for retirees.

FILE - The Social Security Administration's main campus is seen in Woodlawn, Md., Jan. 11, 2013. (AP Photo/Patrick Semansky, File)
Image
A Social Security card is displayed Oct. 12, 2021, in Tigard, Ore. (AP Photo/Jenny Kane, File)
An Elderly Couple sitting on a couch, looking at a laptop while having coffee.

Overview

  • The Social Security Administration finalized the increase after the Bureau of Labor Statistics released delayed September inflation data used to calculate the CPI-W.
  • Nearly 71 million beneficiaries will see higher payments in January 2026, and roughly 7.5 million SSI recipients will receive larger checks starting December 31, 2025.
  • The average retired worker’s benefit will rise to about $2,071 a month, a change broadly in line with pre-announcement estimates.
  • Medicare trustees project Part B premiums to exceed about $206.50 next year, potentially consuming a significant portion of the COLA for many enrollees.
  • Related changes in January include raising the Social Security taxable maximum to $184,500, with individualized COLA notices sent in December and online access for my Social Security users who enroll by November 19.