All articles tagged with #benefits increase
Social Security benefits will see a 2.8% increase in 2026, the highest in years, but this may still be insufficient due to inflation driven by Trump's tariffs, which have caused prices to rise faster than the COLA accounts for, especially in housing and medical care.
The Social Security Administration announced a 2.8% cost-of-living adjustment for 2026, increasing benefits by about $56 per month for 75 million recipients, driven by recent inflation data. The maximum taxable earnings will also rise from $176,100 to $184,500, with notifications to recipients starting in December.
Forecasts for Social Security's 2026 cost-of-living adjustment (COLA) have increased to around 2.7-2.8%, driven by inflation influenced by tariffs, potentially increasing benefits by about $54-$56 per month for the average retired worker. The official COLA will be announced on October 24, despite ongoing government shutdowns, and beneficiaries should review their updated benefits and related changes.
The COLA increase for 2026 is set at 2.7%, starting in January, providing a moderate boost to Social Security and SSI benefits to help recipients cope with inflation, with payments scheduled throughout the year and specific adjustments for those receiving both benefits. The increase also affects tax and income thresholds, ensuring financial stability for beneficiaries.
The US government announced a projected 2.7% to 2.8% increase in Social Security and SSI benefits for 2026, starting January, to help beneficiaries cope with inflation, with additional one-time payments of $2,000 in October 2025. However, rising Medicare premiums and other factors may offset the benefit increase.
Experts forecast a 2.7% to 2.8% increase in Social Security benefits for 2026, based on inflation measures, with the actual COLA to be announced in October 2025. The increase will be reflected in benefits starting January 2026, alongside other changes like the retirement age and tax limits.
Social Security is undergoing seven key changes, including a 3.2% cost-of-living adjustment (COLA) for benefits, an increase in the maximum taxable earnings cap to $168,600, and a rise in the maximum monthly payout at full retirement age to $3,822. Additionally, two states have stopped taxing Social Security benefits, early-filer withholding thresholds have increased, disability income thresholds have risen, and the amount of earnings required to qualify for a Social Security benefit has also increased. These changes aim to adjust for inflation and provide a more robust safety net for retirees and disabled workers.
Baby boomers can increase their Social Security benefits in 2024 by being patient and delaying their claim to grow their benefits by up to 8% per year, working an additional year to replace a lower-earning year with a higher one in their benefit calculation, and utilizing the SSA-521 do-over clause within 12 months of claiming to undo an early claim and allow benefits to accrue again. However, the SSA-521 option requires repayment of all benefits received and is a one-time opportunity.
Social Security recipients are set to receive a 3.2% increase in their benefits checks starting in 2024, thanks to a cost-of-living adjustment. The additional money will be included in the first payment for the 2024 benefits year, with SSI beneficiaries seeing the increase in their December 2023 payment and retirement benefit recipients receiving it in their first January payment. Social Security will be sending out notifications about the upcoming increase, but recipients can also check their new benefit amount online. It's important to budget and use the additional money wisely to cover rising prices and necessities.
Starting October 1, changes to the Supplemental Nutrition Assistance Program (SNAP) will require able-bodied adults without dependents (ABAWDs) aged 51 to 52 to prove they are actively working, training, or in school to qualify for benefits. Previously, this requirement only applied to ABAWDs aged 18 to 52. Exemptions include homeless individuals, veterans, and youth aged 18 to 24 who aged out of foster care. Those who do not meet the work requirements will only be eligible for SNAP benefits for three months in a three-year period. Additionally, most SNAP recipients will receive larger benefit amounts due to a cost-of-living adjustment.