Social Security May payouts rise 2.8 percent but many still struggle to replace income

COLA adds a little more, but gaps remain

Social Security benefits are increasing by 2.8% for 2026, and May payments will reflect the COLA boost. SSI recipients typically receive payments on the 1st, while retirement benefits vary by birth date. Although average monthly payouts are higher, many retirees still don’t replace their full income, underscoring the importance of building extra savings.