WASHINGTON — Social Security and Supplemental Security Income (SSI) payments for roughly 75 million Americans are set to rise in 2026, the Social Security Administration announced on Friday.

The cost-of-living adjustment (COLA) will be 2.8 percent , translating to an average increase of about $56 per month for retirement benefits, SSA said in a news release.

Nearly 71 million Social Security beneficiaries will see the COLA take effect in January, while nearly 7.5 million SSI recipients will receive increased payments beginning Dec. 31 of this year, SSA. The COLA is designed to help benefits keep pace with inflation and the cost of living, it added.

“Social Security is a promise kept, and the annual cost-of-living adjustment is one way we are working to make sure benefits reflect to

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