Will Social Security benefits increase in 2026? New COLA predictions explained
Social Security recipients may receive a smaller cost-of-living adjustment (COLA) in 2026, as projections estimate a 2.3% increase, lower than last year’s 2.5%. With rising living costs, many seniors fear their benefits won’t keep up with inflation.
Millions of Social Security beneficiaries rely on cost-of-living adjustments (COLA) to help keep up with inflation, but the latest projections for 2026 suggest that the increase may be smaller than expected.
As concerns grow over how inflation impacts retirement income, lawmakers in Congress are exploring solutions to provide financial relief for seniors. Representative Thomas Massie (R-Kentucky) has reintroduced the Senior Citizens Tax Elimination Act, a bill designed to eliminate federal income taxes on Social Security benefits.
Is the Social Security going to increase for 2026?
The latest cost-of-living adjustment (COLA) forecast proposes that Social Security beneficiaries may see a smaller increase compared to the previous year.
According to The Senior Citizens League, the projected COLA for 2026 is 2.3%, which is 0.2 percentage points lower than the 2.5% adjustment in 2025. This decline could pose financial challenges for retirees already struggling with rising living costs due to inflation.
To address these concerns, some lawmakers are pushing for policy changes. Representative Thomas Massie (R-Kentucky) has reintroduced the Senior Citizens Tax Elimination Act, a bill aimed at removing income taxes on Social Security benefits. Originally suggested in 2023, the legislation seeks to ease financial burdens for retirees.
As of January 2025, the average monthly Social Security benefit stands at $1,837.91, according to the Social Security Administration (SSA).
How to update your Social Security information in the U.S. (2025)
Keeping your Social Security records accurate is essential, especially when updating personal details such as a name change or correcting information. According to the Social Security Administration (SSA), you must follow these steps to update your records:
- Complete Form SS-5:
- Download the "SS-5 Application for a Social Security Card" from the official SSA website.
- Fill out the form with the required details.
- Gather Required Documents:
- Proof of Identity: Provide a valid identification document, such as a U.S. passport, driver’s license, or state-issued ID card.
- Supporting Documentation: If you are changing your name, you must submit legal proof such as a marriage certificate, divorce decree, or court order.
- Submit Your Application:
- Bring the completed SS-5 form along with the original or certified copies of your documents to the nearest Social Security office.
- Some locations may require an appointment, so it is recommended to check in advance before visiting.