Although some retirees do manage to bring savings with them into their senior years, many older Americans end up having to live mostly or solely on Social Security. But even if Social Security isn't your main income stream in retirement, chances are, it's an important one. So it's important to know what's going on with the program, even if you have other income to fall back on.
It's also important to keep tabs on Social Security even if you're still working and aren't yet retired. That's because changes to the program have the potential to impact your paycheck.
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On Oct. 15, the Social Security Administration is expected to announce a number of key changes that could affect workers and retirees alike. Here are five Social Security changes to look out for.
1. The 2026 cost-of-living adjustment (COLA)
Each year, Social Security benefits are eligible for an automatic cost-of-living adjustment (COLA). The purpose of COLAs is to help ensure that benefits are able to keep up with inflation.
In 2025, Social Security recipients saw their benefits increase by 2.5%. Many seniors would like to see a more generous COLA come through in 2026, especially with the threat of tariff-related increases looming.
2. The 2026 wage cap
Social Security gets most of its funding from payroll taxes. But there's a limit each year as to how much income gets taxed for Social Security purposes.
In 2025, the Social Security earnings cap is $176,100. In 2026, that cap is likely to increase because of wage growth, so higher earners should expect to open up their wallets a bit more.
3. A new maximum monthly benefit
Because there's a maximum amount of income taxed for Social Security purposes each year, there's also a maximum monthly benefit Social Security is willing to pay. In 2025, the maximum Social Security benefit for someone claiming at full retirement age is $4,018.
That number is likely to increase in 2026. And you can also boost your monthly Social Security benefit by delaying your claim beyond full retirement age.
4. The new earnings-test limits
People who collect Social Security and work before reaching full retirement age are subject to an earnings test. Exceeding its limits means having benefits withheld and paid back to you later.
In 2025, the earnings-test limit is $23,400, or $62,160 for those reaching full retirement age by the end of the year. In 2026, these numbers are likely to rise, making it possible to earn more money before seeing an impact to your monthly Social Security check.
5. A new income requirement for work credits
To qualify for Social Security benefits in retirement, you need to accumulate 40 work credits in your lifetime at a maximum of four credits each year. In 2025, the value of a single work credit is $1,810. Next year, it's likely to rise.
This means that it may become harder for some people to qualify for Social Security. An increase in the value of work credits may not affect full-time workers, but it could absolutely have an effect on those who only work part-time.
Social Security undergoes changes every year, and it's important to stay on top of them. Tune in for Social Security news on Oct. 15 so you can get all of the details on these and other big changes.
