WASHINGTON — The Social Security cost-of-living increase will go up by 2.8% in 2026, which translates to an average increase of more than $56 for retirees every month, agency officials said Friday.

The benefits increase for nearly 71 million Social Security recipients will go into effect beginning in January. And increased payments to nearly 7.5 million people receiving Supplemental Security Income will begin on Dec. 31.

US inflation stays elevated but prices rose less than feared last month

Friday’s announcement was meant to be made last week but was delayed because of the federal government shutdown.

The cost-of-living adjustment , or COLA, for retirees and disabled beneficiaries is financed by payroll taxes collected from workers and their employers, up to a certain annual salary,

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