Social Security benefits to increase 2.8% in 2026

Social Security Adjustment - Social Security's cost of living adjustment (COLA) for 2026 will be 2.8% [2] - The 2.8% increase is slightly above the previous year's 2.5% [2] - The adjustment is based on the Consumer Price Index (CPI) for urban wage earners [3] Impact on Beneficiaries - The 2.8% increase will result in an average increase of $56 per month for the average beneficiary [5] Concerns and Criticisms - Critics argue that the CPI for urban wage earners doesn't accurately reflect the spending habits of retirees, particularly regarding housing, healthcare, and groceries [3][4] - Experts suggest that the current index is outdated and doesn't reflect seniors' actual spending [6] - The Senior Citizens League is actively advocating for a more relevant index [6] Potential Future Changes - There is ongoing discussion about the need to find a more accurate index that reflects the spending patterns of seniors [6]