The Social Security Administration announced on Friday (October 24) that recipients will see a 2.8% increase in their benefit payments in 2026. This adjustment, known as the cost-of-living adjustment (COLA), is designed to help beneficiaries keep up with inflation. Starting in January, the average monthly retirement benefit will increase by about $56, according to the agency.

This year's COLA is slightly higher than last year's 2.5% increase but remains below the historical average of 3.7%. The adjustment affects approximately 75 million Americans , including retirees, people with disabilities, and those receiving Supplemental Security Income. The COLA is calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, reflecting price changes in goods and ser

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