"is one way we are working to make sure benefits reflect today's economic realities and continue to provide a foundation of security."
"can't solve all the financial challenges households face or all the shortcomings of the program."
Social Security recipients will receive a 2.8% cost-of-living adjustment in 2026, translating to an average monthly increase of more than $56 for retirees. The increase affects nearly 71 million Social Security beneficiaries beginning in January and nearly 7.5 million Supplemental Security Income recipients beginning Dec. 31. The COLA is financed by payroll taxes up to a taxable maximum rising to $184,500 in 2026 from $176,100 in 2025. Previous COLAs were 2.5% in 2025, 3.2% in 2024, and 8.7% in 2023; the smaller 2026 increase reflects moderating inflation. The announcement was delayed by a federal shutdown and comes amid SSA workforce turmoil.
Read at ABC7 Los Angeles
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