A recent report showed that about two-thirds of retired Americans say they rely on Social Security “substantially,” while 21% rely on it “somewhat.” Additionally, 67% of Americans view Social Security as more important to retirees than it was just five years ago.

As such, the way inflation trends in August will have a huge impact on next year's Social Security raise. Similarly, in mid-August, the Bureau of Labor Statistics is set to release its CPI-W data from July. So that should give an even stronger clue as to what might be in store for 2026.

The Supplemental Security Income (SSI) benefit payments will be distributed twice in August - on Friday, Aug 1 and on Friday, Aug. 29. The second August payment is scheduled because the first day of September lands on a holiday - Labor Day.