Social Security's 2026 cost-of-living adjustment is estimated at 2.7%, but seniors are still behind as prices of what they use most rise even faster.

The final two inflation data points that go into the COLA calculation will be released in the coming months. Teresa Ghilarducci, a labor economist at New York City’s New School

For most seniors, rising inflation will have a bigger impact on their budget than a higher COLA. Food costs have gone up by nearly 24% between 2020 and 2024, according to the Department of Agriculture. Meanwhile, transportation costs have gone up by more than 34% during that same time.