You’ve done it. You’ve reached the end of your shift and can punch out of work, permanently. Now, you’ll finally be reaping some of the rewards of a lifetime of working hard and paying your taxes. Finally, it’s time to sit back and collect your Social Security payments, right?<\/p>\n
Although you might feel like you can simply file for Social Security and ride off into the sunset, the truth is that there’s much more to the process. By planning ahead, you can not only avoid making potentially serious mistakes<\/a> with your Social Security check or Supplemental Security Income (SSI), but you can also ensure that you’re receiving the maximum benefit amount that you can.<\/p>\n Chillax Out: I’m a Financial Advisor: Here’s How Often You Should Check Your Retirement Account Balance<\/a><\/p>\n Try It:Start Growing Your Net Worth With Smarter Tracking<\/a><\/p>\n Here are four missteps you’ll want to avoid if you’re claiming Social Security in 2026.<\/p>\n Not Understanding FRA<\/p>\n Full retirement age (FRA) is an important concept when it comes to Social Security. Although you can claim your benefits as early as age 62, full retirement age, as the name implies, is when you earn your full Social Security benefit. If you claim your benefits before FRA<\/a>, they will be permanently reduced for the rest of your life.<\/p>\n Keep in mind that full retirement age is 67 for those born in 1960 or later. For example, if you aren’t aware of the difference a few months can make and plan on claiming benefits at age 66 years and 8 months, you’ll technically be filing early. This means you’ll forever be locking in a lower monthly payout, thus reducing your benefits. The payout amount rises until age 70.<\/p>\n And if your birthday is the first of the month, remember to plan for your first benefit according to the Social Security Administration<\/a>‘s rules governing the first full month you attain retirement age.<\/p>\n Expecting a Huge COLA<\/p>\n Every year, the Social Security Administration (SSA) evaluates benefits and typically raises them in line with inflation<\/a> so that beneficiaries don’t experience a loss in purchasing power. This is called a cost-of-living adjustment or COLA.<\/p>\n In 2023, when inflation was at its highest levels in 40 years, the COLA<\/a> was a whopping 8.7%. (COLAs drop December 1 and continue through the following year, meaning the 2022 rate carried most of 2023’s calendar year) But since then, the COLA has stayed under 4%<\/a>. For 2026, Social Security beneficiaries will see a 2.8% COLA, which is greater than what it was for most of 2025 (2.5%) but still nowhere near double digits.<\/p>\n Overlooking Spousal Benefits<\/p>\n When you file for Social Security benefits, you’re entitled to the highest benefit possible based on either your own personal work record or that of your spouse. However, the spousal benefit is limited to 50% of the amount the prime beneficiary is receiving.<\/p>\n In other words, if your spouse receives a Social Security check of $2,000 per month, your maximum spousal benefit is $1,000. If this is more than you would receive based on your own work record, then you can still claim this benefit, even if you have never worked a day in your life. It’s important to check which benefit gives you the biggest paycheck.<\/p>\n Enter for a Chance To Win $500 in MoneyLion’s Summer Break Giveaway<\/a>(No pur. nec. Ends 7\/4\/26. See Official Rules at mlion.info\/summerbreakofficialrules<\/a>)<\/p>\n Relying Only on Social Security<\/p>\n If you’re planning to retire this year, you won’t really have a lot of time to build up your other savings<\/a> to supplement your Social Security payout. However, you could make some life changes to prepare for the fact that Social Security alone won’t likely fund your dream retirement.<\/p>\n For example, if you are retiring at the end of the year, you could absolutely max out your retirement plans and at least get a small head start before you draw your first Social Security check. Yet, it’s still good to know what’s ahead next year. Here are a few key takeaways for filing in 2026:<\/p>\n For those aged 50 and over, an additional $8,000 can be contributed as a catch-up contribution, bringing the total to $32,500<\/p>\n Workers between the ages of 60 and 63 may be eligible for a “super catch-up” contribution of up to $11,250, allowing a total contribution of $35,750<\/p>\n Your IRA is another tax-advantaged retirement vehicle, which anyone can contribute to, without being subject to employer plans.<\/p>\n Another way to boost your retirement earnings instead of relying solely on Social Security<\/a> is to consider a part-time job or side gig after you formally retire. This doesn’t have to be something burdensome. In fact, many seniors enjoy working a few hours a week doing something they love, all the while earning additional money for retirement.<\/p>\n If neither of those options is feasible for you, it’s important to acknowledge that you’ll likely have to downsize or otherwise trim expenses in retirement if you’re planning to rely on Social Security.<\/p>\n Final Take: Claiming Social Security in 2026<\/p>\n Social Security is always a hot-button issue, but in times of economic uncertainty, it becomes increasingly difficult to navigate. Keep in mind that while the current White House administration has put everything from SNAP benefits to Social Security checks through the financial wringer, you’ll still be able to collect your monthly payment in 2026.<\/p>\n Caitlyn Moorhead contributed to the reporting for this article.<\/p>\n To help Americans navigate the added cost of summer, MoneyLion is giving away $1,000 every day through July 4.Enter the Summer Break Giveaway here<\/a>(No pur. nec. Ends 7\/4\/26. See Official Rules at mlion.info\/summerbreakofficialrules<\/a>)<\/p>\n