“3:31 Stock image of a Social Security card next to US dollars.Tetra Images/STOCK PHOTO/Getty Images Social Security benefits will increase by 2.8% starting in January, amounting to an extra $56 a month for 75 million recipients, the Social Security Administration (SSA) said. Friday. The 2026 cost-of-living adjustment, known as the COLA, appears to be slightly higher than the increase […]”, — write: businessua.com.ua
3:31 Stock image of a Social Security card next to US dollars.Tetra Images/STOCK PHOTO/Getty Images
Social Security benefits will increase by 2.8% starting in January, amounting to an additional $56 per month for 75 million recipients, the Social Security Administration (SSA) said. Friday.
The 2026 cost-of-living adjustment, known as the COLA, came in slightly higher than the previous year’s increase of 2.5%. Over the past decade, the average COLA has been 3.1%.
Friday’s announcement came after inflation data for September showed a slight acceleration in price growth, pushing inflation to its highest level since January. The new data marked the last piece of data SSA needed to calculate the 2026 COLA.
An image of a Social Security card next to US dollars.Tetra Images/STOCK PHOTO/Getty Images
“Social Security is a promise kept, and the annual cost-of-living adjustment is one way we work to ensure benefits reflect today’s economic realities and continue to provide a foundation of security,” SSA Commissioner Frank J. Bisignano said in a statement.
The agency will also raise the maximum amount of earnings subject to Social Security tax, raising taxable income from $176,100 to $184,500.
The SSA will begin notifying recipients of their new benefit amount by mail in early December, the agency said.
Source: abcnews.go.com
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