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.

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.

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.