October is a key month for Social Security beneficiaries, who can begin planning their finances for next year once the official cost-of-living adjustment (COLA) is announced. That income adjustment determines the 2026 monthly payment for retirees, spouses and survivors of retirees, and low-income individuals who participate in the Supplemental Security Income (SSI) program.

But the biggest change starting in October for retired beneficiaries stems from an executive order signed by President Donald Trump in March to save administrative costs and reduce fraud and identity theft. Starting in October, Social Security paper checks will no longer be issued, which could delay or interrupt payments to beneficiaries who do not act in time.

September was the last month paper checks were mailed. To receive the October payment on time, beneficiaries should act quickly and choose direct deposit of their Social Security benefits to their bank account. The change can be made through your MySocialSecurity online account. If you don’t have a bank account, you can request Direct Express, a debit card on which the federal government will deposit your benefits. It can be requested at 1-877-874-6347.

How much will the COLA increase be?

The official COLA announcement is made on Oct. 15, after the consumer price figures for wage earners and clerical workers (CPI-W) for July, August and September are available; those months are averaged to calculate the annual inflation rate. Projections for the 2026 COLA are around 2.7%, which would mean about $54 more per month on average in retirees’ checks, with retirees beginning to receive the increase in January. SSI beneficiaries receive their increase in December because Jan. 1 is a holiday.

A considerable portion of the Social Security income adjustment from COLA will be offset by an increase in the Medicare Part B premium, which is automatically deducted from benefit payments. The exact figure won’t be known until later in the fall, but the Medicare board of trustees estimates an increase of $21.50, meaning retirees would pay $206.20 per month in 2026.

SSI beneficiaries will receive two payments in October: on the 1st and the 31st. The second is an advance of the payment for the following month because Nov. 1 falls on a Saturday.

Increase in Social Security full retirement age

Another important change affecting Social Security beneficiaries in 2025 is that the full retirement age rose to 67 for those born in 1960 or later.

This change is part of the gradual increase in the full retirement age (FRA) established by the 1983 amendments to the Social Security Act, enacted in response to longer life expectancies and the need to maintain the program’s financial solvency.

People born before 1960 can claim full retirement benefits in 2025, while those born after who turn 65 this year must wait until 2027 to receive their full retirement benefits.

Workers can retire early at 62, but that results in a 30 percent reduction in their retirement income.

With the threat that Social Security funds could be exhausted by 2032, changes are needed so older adults who rely solely on Social Security do not face a crisis.

One measure the Trump administration could take is raising the full retirement age further, a possibility already mentioned by officials such as Social Security Commissioner Frank Bisignano.

Another would be increasing the maximum taxable earnings cap—the limit above which Social Security taxes stop being applied—which is $176,100 for 2025. That figure is adjusted annually to keep pace with average wages. Earnings above this cap are not subject to Social Security tax and are not included in benefit calculations.

Restrictions in several states on buying certain foods with the Supplemental Nutrition Assistance Program (SNAP) could also affect Social Security beneficiaries starting in January 2026.

In Florida, SNAP benefits loaded on an EBT card cannot be used to buy sugary drinks like sodas and energy drinks, candy, or prepared desserts.

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