Tens of millions of retirees will see their Social Security benefits increase by 3.6 percent under a cost-of-living adjustment (COLA) that goes into effect next year, the Social Security Administration (SSA) announced on Wednesday morning.
The new COLA will begin for the nearly 72 million Social Security recipients starting in January 2027, the agency said. The around 7 million people who receive Supplemental Security Income (SSI) will also receive a 3.6 percent increase, and it goes into effect on Dec. 31, 2026.
The adjustment translates to $75 extra per month, the SSA said in a news release.
“Social Security will implement this cost-of-living adjustment for 76 million Americans, giving them greater financial stability,” SSA Commissioner Frank J. Bisignano said in a statement published on Wednesday. “Under President Donald J. Trump, Social Security is delivering better, faster, higher-quality service for the American people.”…