Social Security Benefits Rise Following 2026 Cost-of-Living Adjustment

The Social Security Administration applied a 2.8 percent cost-of-living adjustment (COLA) for 2026, raising the average monthly retirement benefit from approximately $1,975 in December 2024 to about $2,030.

Payment amounts vary significantly based on the age at which individuals claim benefits. Those claiming at age 62 receive reduced payments because benefits are calculated based on the full retirement age, which is 67 for most current workers. Claiming at 62 can reduce monthly checks by up to 30 percent.

For claimants who retired at 62, the average monthly benefit rose from approximately $1,342 in December 2024 to about $1,380 after the 2026 COLA. The administration continues to provide personalized benefit estimates to retirees through the my Social Security account service.