Social Security's Latest 2026 Cost-of-Living Adjustment (COLA) Update Is a Double Whammy for Retirees
The February inflation report brings a double dose of bad news for Social Security beneficiaries.
In January, nearly 52 million retired-worker beneficiaries collected an average Social Security check totaling $1,978.77. While this is a relatively modest monthly payout, Social Security income has historically laid a financial foundation for most retirees.
Based on an analysis from the Center on Budget and Policy Priorities, no social program lifts more people above the federal poverty line than Social Security. In 2023, it hoisted 22 million Americans out of poverty, including 16.3 million adults aged 65 and over. If Social Security didn't exist, the poverty rate for seniors would be nearly four times higher -- 10.1% including Social Security versus an estimated 37.3% without it.
Furthermore, 23 years of annual surveys from Gallup have shown that between eight and nine out of every 10 retirees rely on their monthly payout, in some capacity, to make ends meet.
