Social Security beneficiaries receive an annual cost-of-living adjustment (COLA) to keep the purchasing power of benefits aligned with rising prices across the economy. The official 2026 COLA will not be determined until October 2025 because it depends on inflation data from the third quarter,

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The actual cost-of-living-adjustment won't be announced until October, but early predictions say the increase will be a smaller percentage than the 2025 increase.

The latest Cost of Living Adjustment prediction shows Social Security recipients could be in for another year of a small increase.

Importantly, Trump is not the only politician to float that idea, nor is support limited to one political party. For instance, Rep. Angie Craig (D-Minn.) introduced a bill in January 2024 that would repeal the taxation of Social Security. And Rep. Thomas Massie (R-Ky.) introduced a bill in February 2025 with the same goal.