(CNN) — Social Security recipients will receive a 2.8% boost in their monthly benefits in 2026, the Social Security Administration announced Friday. However, many seniors say the annual adjustments haven’t been enough to cover their ever-rising expenses.

The increase for 2026 is larger than the 2.5% cost-of-living-adjustment that beneficiaries received for this year, but far smaller than the ones for the few years before that, when inflation was running rampant.

The annual adjustment, known as a COLA, is based on an inflation metric from the third quarter of the year. Inflation has moderated after being at around a four-decade high in 2022.

The increase was scheduled to be announced last week but was delayed by the federal government shutdown.

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