Social Security payments to slightly increase in 2026

CLEARWATER, Fla — If you’re receiving Social Security benefits your check will be slightly larger in 2026. 

The Social Security Administration announced a 2026 cost of living adjustment of 2.8%. 

Pauline Giakoumakis is 85 years old and has been receiving Social Security benefits for nearly 20 years. 

“It’s a good benefit, very good,” the senior said.

While she said she planned for retirement and is in an OK financial situation, when her husband died, she said she had to live off of Social Security for several years. 

“I’m sure there are people that live from paycheck to paycheck,” she said. “It must be rough, I can’t imagine”

The Social Security Administration announced that its social security and supplemental security income benefits for 75 million Americans will increase by 2.8% in 2026.

“$20, just nothing, so it means nothing to me at all,” Giakoumakis said.

The increase is one of the smallest in the last five years. 2022 and 2023 saw historic adjustments. A University of South Florida economics professor said the adjustments are in line with inflation rates. 

“We know inflation is going up because the social security, cost of living adjustments are going up. The only way those the Social Security payments go up is if inflation is going up,” said Michael Snipes, Professor at USF.

The primary driver of inflation Snipes said is tariffs, which he said has resulted in price increases for many essentials including food. 

“A lot of those price increases are just going to be really just going to eat away from any benefits that we see in Social Security,” Snipes said.

While Giakoumakis said, her financial situation is OK she said Social Security is very important to her and her peers.

“A lot of people I know are okay, but a lot of people aren’t. So, it means a lot, it really does. It means a lot to a lot of people,” Giakoumakis said.

Earlier this year the Social Security and Medicare Trustees’ report said the Social Security’s trust funds won’t be able to pay full benefits by 2034. 

At that time, Social Security would only be able to pay out about 80% of its benefits.