"Now the good news is that Social Security benefits are getting a raise in 2026. As a result of recent inflation, Social Security is eligible for a 2.8% cost-of-living adjustment, or COLA, in the new year. However, even once that raise is applied, the average monthly Social Security benefit may not go very far. What the average Social Security benefit looks like for 2026"
"But even if we assume that the average retired senior will collect $2,071 a month in Social Security in 2026, that may not be enough to live on. When we do the math, that amounts to an annual salary of $24,852. The Bureau of Labor Statistics, however, puts average annual spending among retirees at about $5,000 per month, or $60,000 per year, as of 2023."
Millions of retired Americans collect monthly Social Security benefits, but many lack sufficient income beyond those payments. Social Security benefits will receive a 2.8% COLA in 2026, boosting the average monthly retired-worker benefit from $2,015 to about $2,071. Rising Medicare Part B premiums may offset some of that increase for beneficiaries who pay premiums from their benefits. An annualized $2,071 monthly benefit equals $24,852, while the Bureau of Labor Statistics reports average retiree spending at about $60,000 per year as of 2023. Typical beneficiaries will likely need supplemental income to cover retirement expenses.
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