All Social Security Retirees Should Do This by Nov. 19

Each year, there are a few Social Security dates that retirees should be aware of, such as the date they receive benefits each month. Arguably the most important date for Social Security just happened, when the Social Security Administration (SSA) announced the annual cost-of-living adjustment (COLA) on Oct. 24, later than usual due to the government shutdown.

Now that retirees have a rough estimate of how much benefits are going up next year, they should all make sure to do this one thing by Nov. 19.

How much benefits are going up

The SSA recently announced that the COLA for next year will be 2.8%. The purpose of the COLA is to help retirees maintain their purchasing power each year based on inflation. Now, many would say that annual COLAs have failed to keep up with inflation over the years, but extremely high inflation in recent years has also led to much higher COLAs than normal. The COLA also came in much higher than expected this year.

Image source: Getty Images.

Heading into the year, non-partisan group The Senior Citizens League (TSCL) predicted a COLA of 2.1%. But inflation has remained elevated and even reverted higher slightly, leading to a higher-than-expected COLA, which is based on inflation data.

In September, the average monthly benefit for retired workers was roughly $1,922. So next year, based on this data, the average monthly benefit for retirees should increase to roughly $1,976, or about $23,710 annually.

Do this by Nov. 19

Everybody has different career paths and saves different amounts of money for retirement, but Social Security tends to at least play a complementary role, if not a primary role, in helping the 68 million-plus retirees who receive benefits each month cover their expenses.

According to the SSA, Social Security benefits make up over 30% of income for people who are 65 or older. Roughly 39% of men and 44% of women over 65 receiving benefits rely on them for over half of their income. Also, among Social Security recipients over the age of 65, 12% of men and 15% of women rely on Social Security for at least 90% of their income. This data shows why this program is so critical for so many.

Because of how important Social Security benefits are, retirees should start budgeting for 2026 as soon as they figure out their exact new benefits amount. Remember, with benefits going up, that means prices on many items have likely increased as well.

The SSA plans to start notifying recipients about their new benefits in 2026 in late November, but only for those with a My Social Security account. These accounts are free and allow recipients to complete many of their Social Security tasks online, as opposed to going into a field office or completing activities through mail and the phone. For instance, retirees with a My Social Security account can do things like request a Social Security replacement card, get benefit estimates, change their address, print a benefit verification letter, and much more.

The SSA will start alerting people about their new benefit amounts for 2026 in late November. But to get this specific notice then, retirees will need to have a My Social Security account by Nov. 19, which is why all retirees should register for one of these accounts if they can as soon as possible.

Otherwise, the SSA will alert people of their new benefit amounts via mail by early December. Regardless of whether you have an account or not, retirees will still be notified of their new benefit amounts prior to 2026. But budgeting can take time, so the earlier retirees know about their new benefits, the better.

The Motley Fool has a disclosure policy.