Oct. 24 (UPI) -- The Social Security Administration says it will issue a cost-of-living adjustment for the next year for millions of Americans who rely on the social safety net.
On Friday, the SSA revealed the 2026 COLA will be 2.8% with retirement benefits going up roughly $56 per month on average beginning January in a bid to keep up with rising inflation.
"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," SSA Commissioner Frank Bisignano said in a statement.
According to AARP, social security is the primary income source for about 40% of elder U.S. citizens with roughly 75 million who receive federal social security benefits and supplemental security income.
The 2026 COLA is consistent with a projected 2.7% to 2.8% estimated boost, while 2025's cost-of-living adjustment at 2.5%.
