Many Social Security beneficiaries will soon receive their first benefit checks for 2026, which will include a 2.8% cost-of-living adjustment (COLA) to help keep pace with inflation. This increase is higher than the 2.5% benefit boost beneficiaries saw in 2025, but lower than the 3.1% average COLA over the past decade.<\/p>\n
The 2.8% COLA will result in an average increase of $56 per month for retirement benefits, according to the Social Security Administration. However, the actual increase will vary depending on the individual’s current benefits. To maximize their benefits, experts recommend that individuals delay claiming Social Security for as long as possible, up to age 70.<\/p>\n
It’s worth noting that Social Security beneficiaries may also be eligible for a new senior deduction, which aims to reduce the taxes they pay on their benefits through 2028. However, this does not mean they will be exempt from paying federal taxes on their benefits, depending on their income levels. Beneficiaries can choose to withhold taxes from their Social Security benefits to anticipate these tax liabilities.<\/p>\n
Premiums for Medicare Part B, which covers medical and preventive services, will increase in 2026. The standard Medicare Part B premium will rise to $202.90 per month, a $17.90 or 9.7% increase from 2025. This may affect the amount of the COLA that beneficiaries actually receive, as Medicare Part B premiums are often deducted directly from monthly Social Security checks.<\/p>\n
A hold harmless provision ensures that beneficiaries’ Medicare Part B premiums cannot increase more than their Social Security COLA. However, individuals with higher income levels may pay more for their Medicare Part B premiums, known as income-related monthly adjustment amounts (IRMAA). These rates apply to about 8% of Medicare Part B beneficiaries, according to the Centers for Medicare & Medicaid Services.<\/p>\n
About 75 million Social Security and Supplemental Security Income beneficiaries will benefit from the 2.8% COLA in 2026. The payment schedule is based on the beneficiary’s date of birth. Individuals born on the 1st through 10th of their birth month will receive their checks on the second Wednesday of each month, starting on January 14. Those born on the 11th through 20th will receive their checks on the third Wednesday, and those born on the 21st through 31st will receive their checks on the fourth Wednesday.<\/p>\n
Some beneficiaries may have already received their payments, including those who get both Social Security and SSI benefits, or those who started receiving Social Security before May 1997. The Social Security Administration has more information on the payment schedule and eligibility requirements.<\/p>\n
For more information on the 2026 Social Security COLA and Medicare Part B premiums, visit the Social Security Administration website or consult with a qualified benefits expert. You can also find more information on the new senior deduction and its potential impact on your benefits.<\/p>\n