India, Jan. 1 -- Social Security recipients are seeing a modest boost in teh new year, as monthly payments increase due to an annual cost-of-living adjustment. The 2.8% COLA, which averages about $56 more per month, takes effect withJanuary payments for beneficiaries, according to teh Social Security Administration.

The 2.8% cost-of -living increase also applies to recipients of Supplemental Security Income, or SSI, a program that provides benefits to people with qualifying disabilities, limited income and resources, or those who are 65 or older, as reported by USA Today.

The 2.8% COLA may not result in a significant boost in take-home benefits for many recipients, as higher Medicare premiums in 2026 are expected to offset part of the i...