New Bill Could Make 2026 Social Security COLA Even Bigger

On Oct. 24, the Social Security Administration announced that Social Security benefits recipients would receive a 2.8% benefits increase in 2026. This benefit increase is occurring due to a Social Security cost-of-living adjustment (COLA) that occurs in most years.COLAs are a critical part of the Social Security benefits program. Many seniors collect benefits for decades. During that time, inflation causes prices to increase. If benefits did not also increase, checks would buy less for retirees every year.Unfortunately, there is reason to believe that benefits are not increasing enough, and the new 2.8% COLA will not be sufficient to address this issue on its own. Because seniors are falling short in keeping up with rising prices, some lawmakers have introduced new legislation that would increase the monthly benefits seniors collect by $200 for a six-month period.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool