Social Security Webinar Replay & COLA Update
When should you begin taking Social Security? What if you continue to work? What about taxes? Social Security is an important topic to consider when doing retirement planning and we want to help you see the big picture.
In case you missed any part of our Social Security webinar or would like to revisit the valuable information shared, we welcome you to watch the video replay.
Social Security remains one of the most important — and often misunderstood — components of retirement income planning. With recent legislative updates and evolving claiming strategies, it’s more important than ever to make informed decisions about when and how to file.
2026 Cost Of Living Adjustment (COLA) Update
The Social Security Administration recently announced a 2.8% cost-of-living adjustment (COLA) for 2026, reflecting continued inflation. While any increase helps, the reality is that the price increases measured by economists can differ from what we experience on a day-to-day basis. Specifically, this will raise the average monthly benefit to $2,064, an increase of only $56. This is small in comparison to the 8.7% adjustment in 2023, which was the largest since 1981.
Navigating the intricacies of social security can feel like a complex puzzle. As a general rule, we suggest not filing while working before your Full Retirement Age (FRA). If you do not know your FRA, we encourage you to watch our video replay. It is true that you will maximize your monthly Social Security income if you wait until age 70 to file.
There are many individual variables and important factors to consider before making a decision. Our team at Covenant Wealth Strategies is here to provide you with guidance and education to help you understand what may fit your needs and future needs. We encourage you to contact us for guidance.
Additionally, we have included the following resources outlined below for further guidance about Social Security:
Social Security Sites:
Estimate your Social Security retirement benefits if your wages change.
https://www.ssa.gov/benefits/retirement/estimator.html
Find the telephone number for your local Social Security office.
https://secure.ssa.gov/ICON/main.jsp
Create an account to access your statements or apply for Social Security.
https://www.ssa.gov/myaccount/
MFS is not affiliated with Covenant Wealth Strategies or LPL Financial and they make no representation to each other.
Covenant Wealth Strategies, LLC, and LPL Financial are not endorsed by or affiliated with the United States Social Security Administration or any government agency.
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.