2.8% COLA Raises Social Security Benefits

Social Security benefits will get a 2.8% COLA in 2026, raising the average retired-worker benefit to about $2,071 per month. The program’s maximum benefit will rise to $5,251 a month ($63,012 a year). The taxable wage base subject to Social Security payroll tax is projected to increase to roughly $183,300–$184,500 for 2026, meaning higher earners will pay more into the system. Earnings limits for beneficiaries who haven’t reached full retirement age are being raised for 2026, while workers at full retirement age can earn without limits. The COLA also applies to disability benefits. Higher Medicare Part B premiums and other offsets mean many beneficiaries may see some or all of the COLA absorbed, reducing net gains for many retirees.