The Social Security Administration on Friday announced a 2.8% cost-of-living adjustment for 2026, an increase that will automatically boost monthly payments for the program's roughly 71 million beneficiaries starting early next year.

Recipients, including retirees and their spouses, as well as those who receive disability benefits and Supplemental Security Income, will see the additional benefit starting in January.

A good chunk of beneficiaries’ COLA for 2026 will likely be erased by an increase in Medicare Part B premiums, which is expected to be released next month.