The Social Security cost-of-living increase will go up by 2.8% in 2026, which translates to an average increase of more than $56 for retirees every month, agency officials said Friday.

The benefits increase for nearly 71 million Social Security recipients will go into effect beginning in January. And increased payments to nearly 7.5 million people receiving Supplemental Security Income will begin on Dec. 31. Also Read | WazirX is back after 15 months, but regaining users' trust won't be easy

The cost-of-living adjustment, or COLA, for retirees and disabled beneficiaries is financed by payroll taxes collected from workers and their employers, up to a certain annual salary, which is slated to increase to $184,500 in 2026, from $176,100 in 2025.

Recipients received a 2.5% cost-of-li

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