Social Security benefits to increase in 2026, COLA is higher than expected but there’s a catch

WASHINGTON -- Millions who receive Social Security benefits are getting a raise next year. After a delay in the announcement , the Social Security Administration revealed the annual cost-of-living-adjustment (COLA) for beneficiaries for 2026 is 2.8%

The SSA says 75 million people are set to receive the boost, with 71 million receiving an increase to their Social Security benefits and seven million receiving a bump to their Supplemental Security Income (SSI) payments. Some beneficiaries receive both types of payments.

“Social Security is a promise kept, and the annual cost-of-living adjustment is one way we are working to make sure benefits reflect today’s economic realities and continue to provide a foundation of security,” said Social Security Administration Commissioner Frank J. Bisi