Monthly Social Security and Supplemental Security Income payments for roughly 75 million Americans will increase by 2.8% in 2026, the Social Security Administration announced Oct. 24.

The cost-of-living adjustment, or COLA, will raise average retirement benefits by about $56 per month starting in January. For the nearly 7.5 million people receiving SSI, increased payments will begin on Dec. 31, 2025. Some recipients receive both Social Security and SSI benefits.

“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 Commissioner Frank J. Bisignano in a statement. “The cost-of-living adjustment is a vital part of h

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