Seniors prepare for crucial 2026 Social Security COLA announcement date revealed
The Cost of Living Adjustment (COLA) will impact Social Security checks in 2025, with seniors eager for changes. This adjustment affects the monthly benefits that recipients rely on, as it considers inflation levels. The critical 2026 COLA announcement is set for October 24, regardless of the government’s operational status.
Key COLA Announcement Details
The Bureau of Labor Statistics (BLS) plans to release the September Consumer Price Index (CPI) on October 24 at 8:30 a.m. ET. This release allows the Social Security Administration to calculate and announce the 2026 COLA. Originally, the announcement date was October 15. However, the government shutdown on October 1 delayed it due to the lack of a September inflation report.
What Influences COLA?
- Average annual increases in the CPI for urban wage earners and clerical workers (CPI-W) from July through September determine the annual COLA.
- The latest data suggests a 2.8% increase in Social Security checks, slightly higher than the previous prediction of 2.7%.
- A 2.8% increase translates to an approximate $52 monthly boost in the average Social Security benefit.
Background and Impact on Social Security Recipients
As of August, the average monthly benefit was $1,864.87. During the same month, over 74.5 million individuals received benefits, including retirees, disabled workers, survivors of deceased workers, and those on Supplemental Security Income. The overall consumer price index rose by 2.9% in August, aligning closely with urban wage earners’ 2.8% increase.
Government Shutdown Effects
The government closure affected the Bureau of Labor Statistics significantly, furloughing all but one of its 2,055 employees. The Office of Management and Budget later called for the return of workers essential to the September CPI report. However, other reports, such as those on retail sales and industrial production, remain unscheduled.
Historical Context of COLA Delays
The prior delay of the annual COLA announcement happened in October 2013, also due to a government shutdown. Then, the government shut down from October 1 to October 16, delaying the September CPI report until October 30. This delay led to the announcement of a 1.5% COLA increase for 2014.
The anticipation surrounding the upcoming 2026 COLA adjustment highlights the significant impact on beneficiaries’ financial planning. Seniors and other recipients look forward to the final determination of changes to their monthly benefits, as the new rates are crucial for managing the living costs in the upcoming year.
