Cost-of-living adjustment raises Social Security checks for 75 million

Millions of Social Security recipients will now know how much their checks will be in 2026 after new government data was released on Friday.

The Social Security Administration announced that Social Security recipients will get a 2.8% bump in checks in 2026, which represents a $56 increase for the average retiree.

The announcement following the release of the monthly Consumer Price Index report. The Social Security Administration bases its cost-of-living adjustment on the Consumer Price Index for Urban Wage Earners and Clerical Workers, which the Bureau of Labor Statistics releases monthly.

The consumer price index weighs the costs of goods based on their importance. Items like food, shelter and energy typically carry heavier weight.

Last years cost-of-living adjustment was 2.5%, which