How much will Social Security increase in 2026? Social Security sets COLA increase at 2.8%

The Social Security Administration announced a 2.8% cost-of-living adjustment for 2026 on Friday, Oct. 24, which will increase monthly payments for more than 70 million Americans who receive benefits come January.

Here’s what to know.

Social Security Administration announces 2.8% increase for benefits in 2026

The Social Security Administration set the cost-of-living adjustment for 2026 benefits at 2.8% on Friday, Oct. 24.

The cost-of-living adjustment, or COLA, is for both Social Security and Supplemental Security Income benefits and it will raise retirement benefits by about $56 per month. There are currently about 71 million Social Security beneficiaries and 75 million Supplemental Security Income beneficiaries, with some Americans receiving benefits from both.

“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,” Social Security Administration Commissioner Frank J. Bisignano said. “The cost-of-living adjustment is a vital part of how Social Security delivers on its mission.”

In 2025, COLA was set at 2.5%. The Social Security Administration says that over the past decade of adjustments, there has been an average increase of about 3.1%.

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Reach Marina Johnson at Marina.Johnson@courier-journal.com.

This article originally appeared on Louisville Courier Journal: Social Security 2026: COLA set at 2.8% increase