Social Security Benefits

DEAR TRUST OFFICER: 

How big a boost will I get next year in my Social Security benefits?  AVERAGE RETIREE

DEAR AVERAGE:

Benefits will increase by 2.8% in 2026, following the 2.5% increase this year. That will bring the average monthly check to $2,064, according to the Social Security Administration. The maximum amount of earnings subject to Social Security tax will be lifted to $184,500.

The standard Part B Medicare premium will be increased by $21.50 per month, reaching $206.50. That will eat up about 38% of the average benefit increase of $56 per month.

After so many years of near-zero inflation, some retirees are still having sticker shock from the big jumps in prices early in the Biden administration. The increases have moderated, but prices are not going down. Having some exposure to equities in the investment portfolio is one way to keep up with inflation.

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