Social Security benefits are rising again, but probably not enough to offset healthcare costs

Increasing Social Security benefits annually helps millions of older Americans afford necessities. Jeffrey Greenberg/Universal Images Group via Getty Images

The nearly 76 million Americans who receive Social Security benefits are slated to find out on Oct. 14, 2026, how much their monthly check will rise. This cost-of-living adjustment, or COLA, is how the government tries to make sure that the value of Social Security benefits keeps up with inflation. Without it, the same payment would cover less of what recipients are spending on medical care, housing, groceries, clothing and other necessities.

I am a finance professor, and one of the topics I research is how inflation affects retirees’ investment choices. And I believe the upcoming bump doesn’t capture the inflation challenges that many people who receive Social Security benefits face.