You’ve probably seen the headlines already, but let’s be real: trying to figure out if your Social Security check is actually going up—and how much of it you'll actually keep—is like trying to solve a puzzle where the pieces keep moving.
It’s official. Social Security is going up in 2026. Specifically, the Social Security Administration (SSA) announced a 2.8 percent Cost-of-Living Adjustment (COLA).
For the average retired worker, that basically means an extra $56 per month. On paper, your monthly check should jump from roughly $2,015 to $2,071. But before you start planning how to spend that "raise," there's a pretty big catch that most people miss until they see their January statement.
The Medicare Bite That Shrinks Your Raise
Here is the thing. While the SSA is giving with one hand, Medicare is taking with the other. Honestly, this is where the math gets frustrating for a lot of seniors.
The standard Medicare Part B premium is jumping to $202.90 for 2026. That is an increase of $17.90 from the 2025 rate of $185.00.
Think about that for a second. If you’re getting a $56 bump from the COLA, but your Medicare premium goes up by nearly $18, your "net" raise is actually closer to $38. It’s still an increase, sure, but it feels a lot smaller when you’re standing in the checkout line at the grocery store.
The Medicare Part B deductible is also moving up to $283. If you haven't looked at your my Social Security account lately, now is probably the time. The SSA started posting personalized COLA notices in the Message Center back in late November, and paper notices hit mailboxes throughout December.
Is Social Security Going Up for Everyone?
Basically, yes, if you’re among the 75 million Americans receiving benefits. This includes Social Security retirement, disability (SSDI), and Supplemental Security Income (SSI).
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- Social Security and SSDI: The 2.8% increase kicked in with the December 2025 benefits, which are the ones you actually receive in January 2026.
- SSI Recipients: You actually saw the change a tiny bit earlier. Because January 1st is a holiday, SSI payments for January were sent out on December 31, 2025.
It's a modest bump compared to the massive 8.7% we saw back in 2023, but it’s slightly higher than the 2.5% increase from 2025.
The "Taxable Maximum" and Higher Earners
If you’re still working and making a good living, "is social security going up" has a different meaning for you. It means more of your paycheck is going to be taxed.
For 2026, the maximum amount of earnings subject to the Social Security tax (the taxable maximum) is rising to $184,500. In 2025, that cap was $176,100.
If you earn above that threshold, you’ll stop seeing Social Security taxes taken out once you hit that $184,500 mark. But for those earning right at or just above the old cap, you'll feel that extra 6.2% tax on the additional $8,400 of income.
Working While Retired: The New Earnings Limits
Kinda like the COLA, the "earnings test" limits are also moving up. This is a big deal if you're under Full Retirement Age (FRA) and still want to work a part-time job.
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If you are younger than FRA for all of 2026, you can now earn up to $24,480 without it affecting your benefits. For every $2 you earn over that, the SSA will hold back $1 in benefits.
If you’re reaching your Full Retirement Age in 2026, that limit is much more generous: $65,160. In that case, they only take $1 for every $3 you earn above the limit, and they only count the money you make in the months before your birthday. Once you hit your FRA month, the limits disappear entirely. You can earn a million bucks and they won't touch your Social Security.
Why the COLA Isn't Higher (The CPI-W Problem)
A lot of people feel like 2.8% is a joke compared to what things actually cost at the store. There's a reason for that.
The government calculates the COLA using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This index tracks the spending habits of working-age people—things like technology and gas.
But seniors spend their money differently. You're likely spending more on healthcare and housing, which often go up faster than the general inflation rate. There is a lot of talk in Washington about switching to the CPI-E (an index specifically for the elderly), but for 2026, we are stuck with the CPI-W.
Looking Ahead: The Solvency Question
Whenever we talk about benefits going up, the elephant in the room is always the "Social Security is going broke" rumor.
Let's clear that up. The trust funds are currently projected to be able to pay 100% of benefits until roughly 2033 or 2034.
If Congress does absolutely nothing (which, let's face it, is a real possibility), the program wouldn't just vanish. It would still be able to pay about 77% to 81% of scheduled benefits using the tax revenue coming in from people currently working. It’s not a great scenario, but it’s not a "zero check" scenario either.
Recent legislation, like the repeal of the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) in early 2025, actually helped a lot of retirees get higher checks, though it also slightly accelerated the trust fund's depletion date.
Actionable Steps for Your 2026 Budget
Since the 2.8% increase is already live, you shouldn't just wait for the mail to see what happened.
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- Check your "my Social Security" account. If you haven't set one up, do it. It’s the only way to see your "New Benefit Amount" notice before the check actually hits your bank.
- Adjust your tax withholding. If your benefit went up and you have other income, you might find yourself in a higher tax bracket or owing more on your Social Security. You can use Form W-4V to ask the SSA to withhold taxes.
- Update your Medicare plan. Since Part B is now over $200 a month, review your Medicare Advantage or Medigap coverage. Some plans might offer "giveback" benefits that help cover a portion of that Part B premium.
- Review the earnings limit. If you're 62-66 and working, keep your 2026 income under $24,480 if you want to keep your full Social Security check.
The 2026 increase is a small help, but with the Medicare hike, it's more of a "tread water" adjustment than a true raise. Keeping a close eye on your net pay—not just the gross COLA percentage—is the only way to avoid a surprise in your February bank statement.