Every little bit helps, right?
Transcript:
CAROLINE WOODS: A little more money could be coming to Social Security checks next year.
Policy experts are projecting a two-point-seven percent cost-of-living adjustment for 2026 — that’s a touch higher than the two-and a half- percent increase this year.
For perspective, the average benefit for a retired worker as of July was $2,006 a month. So a 2-point-seven-percent increase would add another $54 to their paychecks. Survivor benefits would go up around 42 dollars, and disability payments by about 38.
The yearly cost-of-living adjustment is meant to help seniors keep pace with rising prices — but experts say it doesn’t always close the gap. Older Americans often spend more on essentials like housing, health care, transportation, and food — costs that have been climbing faster than overall inflation.
But there’s more – some older adults could also benefit from a new six-thousand-dollar tax deduction for taxpayers 65 and older with incomes below a certain threshold. It’s part of the recently passed “One Big Beautiful Bill” and will apply starting with next year’s tax filings through 2028… before it’s set to expire.
Subscribe |
Earn. Live. Invest. |
TheStreet Pro |
#cola #socialsecurity #retirement
source
