Social Security beneficiaries will see a 2.8% increase in benefits entering 2026. In terms of dollar amounts, it’s expected to produce an average increase of $56 per person per month. These changes are based on the federally determined “cost-of-living adjustment” (COLA), and what the changes mean for each individual depends on their previous earnings and many other factors.
Jack Myers is a Public Affairs Specialist with the Social Security Administration. He says beneficiaries will see the changes before the end of this year.
The exact amount of the increase depends on previous payments, which in turn are affected by historical earnings.
As for how the federal government determines the cost-of-living adjustment, it is a measure of inflation. Numbers from the current year are compared with those from the previous year.
When it comes to how the benefits are earned, the Social Security Administration uses a system of “credits,” based on the money a person makes each year.
More information on Social Security is available at www.ssa.gov.
Jack Myers appeared as a guest on the WTIM Morning Show.
