If you are either a beneficiary of the Social Security program, or currently working and paying into the dedicated Social Security payroll tax, you should have October 15th marked off on your calendar. This is because the Social Security Administration (SSA) will be making several important announcements. First and foremost, the SSA will be announcing the Cost of Living Adjustment, or COLA, for 2026 on October 15th following the release of the relevant CPI data by the Bureau of Labor Statistics that morning.
The agency will also be sharing details regarding four other major changes that will come into effect in the new year. As such, here is a breakdown of the five important announcements to take note of on October 15th.
2026 COLA
Each year, the SSA measures the CPI-W for the third quarter of the current year against the same data of the previous year, and if there is an increase, this becomes the figure by which all benefit amounts are increased in the upcoming year. Once the third quarter of 2025 passes, the agency will be able to officially announce the 2026 COLA. This will occur on October 15th.
CPI data is released on a monthly basis and as a result, experts often share projections for the next COLA throughout the year which gives seniors an idea of what to expect. Based on the latest available data, estimations from The Senior Citizen’s League and Social Security expert Mary Johnson are currently standing at 2.7% and 2.8% respectively. However, due to the effects of the tariffs, the 2026 COLA could end up being higher than current projections.
“While a higher COLA would be welcome because their monthly benefits will increase, many will be disappointed,” TSCL executive director Shannon Benton states. “TSCL’s research shows that many seniors believe the COLA does not adequately capture the inflation they experience.”
Wage cap increase
During your working career, you will pay a percentage of your earnings towards the Social Security payroll tax, which will allow you to claim benefits from the SSA later during your retirement. There is, however, a limit in place regarding how much of your earnings is taxable and this is known as the maximum taxable earnings, or wage cap.
In 2025, the wage cap is $176,100, which means that any income exceeding this figure is not considered when you are paying into the Social Security payroll tax. The wage cap changes from year to year, and according to estimates from the Social Security Board of Trustees, the wage cap is projected to increase to $183,600 in 2026.
Maximum monthly benefit
Since the program has a maximum taxable earnings limit, it also has a maximum monthly benefit that it will pay to any beneficiary. In 2025, highest possible benefit paid to an individual at full retirement age by the SSA amounts to $4,018. If the beneficiary earns delayed retirement credits and only claims at age 70, the highest possible benefit is then $5,108.
However, if the wage cap increases in 2026, the these figures will likely increase in proportion as well.
Earnings test limit
If you have begun claiming Social Security but are still continuing to work, you may be subject to a retirement earnings test. For 2025, if you have not reached full retirement age and will not reach it for the full year, the earnings limit is $23,400. If you will reach full retirement age within the year, the limit is $62,160. These figures are likely to increase in 2026, however.
Work credits
In order to claim Social Security, you need to have earned 40 work credits throughout your career. Each year, you can earn a maximum of 4 work credits and in 2025, one work credit equates to $1,810. The value of one work credit is expected to increase in 2026, however, and as a result, part time workers may be impacted more so than those with full time employment.