Social Security retirement benefits and 2026 adjustments

In 2026, Social Security recipients in the United States received a 2.8 percent cost-of-living adjustment (COLA). The maximum taxable earnings subject to Social Security payroll tax increased to US$184,500.

While claiming benefits as early as age 62 provides immediate income, it results in a permanent reduction of up to 30 percent compared to the full retirement amount. Conversely, delaying benefits beyond the full retirement age—which is 67 for those born in 1960 or later—can increase monthly payments by approximately 8 percent per year until age 70.

Despite the financial advantages of deferral, only about 4 percent of American retirees choose to wait until age 70 to claim benefits. This delay requires beneficiaries to go without payments for several years but results in higher monthly amounts and larger future cost-of-living adjustments.