Utahns to Benefit from 2.8% Social Security Increase in 2026

Starting January 2026, Utah residents receiving Social Security benefits will see a 2.8% increase in their monthly payments. This adjustment translates to an average boost of approximately $56 per month for retirees nationwide. The Social Security Administration announced this cost-of-living adjustment (COLA) to help beneficiaries keep pace with inflation. 

 

In Utah, where the economy has shown resilience, this increase is particularly timely. The state's unemployment rate stood at 3.1% in 2024, below the national average of 4.0%. Additionally, Utah's real GDP growth rate led the nation at 4.6% through the first three quarters of 2024. 

 

However, the housing market presents challenges. In December 2024, Utah's median home sales price reached $500,000, up from $474,000 the previous year. While still below the peak of $535,000 in May 2022, these prices remain high, making it difficult for first-time homebuyers to afford a home.

 

The 2.8% COLA aims to assist retirees in managing these rising costs. Despite the increase, some seniors express concerns about its adequacy in covering escalating expenses. An AARP poll revealed that 77% of Americans over 50 believe the COLA is insufficient.

 

As Utah continues to experience economic growth and housing market challenges, the COLA provides some relief to retirees striving to maintain their standard of living.