Social Security beneficiaries will begin receiving their first payments for 2026 this month, with checks arriving as early as January 14 and reflecting a 2.8 percent cost-of-living adjustment.
While the increase brings a modest boost to monthly income, many retirees will see part of that gain offset by rising Medicare costs.
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The adjustment was announced in October by the Social Security Administration and applies to both Social Security retirement benefits and Supplemental Security Income. On average, retirement benefits will increase by about $56 per month, though the exact dollar amount depends on each beneficiary’s current payment level.
The 2.8 percent increase is slightly higher than the 2.5 percent adjustment issued for 2025, but still below the roughly 3.1 percent average annual increase beneficiaries have received over the past decade. For many households, it will help cover everyday expenses, but it is unlikely to feel transformative.
One of the biggest factors shaping how much beneficiaries actually take home is health care. The standard Medicare Part B premium is rising to $202.90 per month in 2026, an increase of $17.90 or about 9.7 percent from last year.
For retirees who have their Part B premiums deducted directly from their Social Security checks, that jump will immediately reduce the net benefit of the COLA.
Payment dates and what beneficiaries should expect
About 75 million people receiving Social Security or Supplemental Security Income will benefit from the 2026 cost-of-living adjustment, according to the Social Security Administration. Nearly 7.5 million individuals who rely on SSI began receiving their updated payments at the end of December, with checks issued on December 31.
Some beneficiaries received their first 2026 payment on January 2. This includes people who receive both Social Security and SSI, as well as those who began collecting Social Security benefits before May 1997.
Most beneficiaries, however, are paid based on their birth date. Individuals born between the 1st and 10th of any month are scheduled to receive their January payment on Wednesday, January 14. Those born from the 11th through the 20th are set to be paid on January 21, while beneficiaries born from the 21st through the 31st will receive their checks on January 28.
Beyond Medicare premiums, taxes can also affect the size of a retiree’s check. Depending on overall income, some beneficiaries owe federal income taxes on a portion of their Social Security benefits. To avoid a large tax bill later, many retirees choose to have federal taxes withheld directly from their monthly payments.
There may be limited relief for some households. A new senior tax deduction included in legislation supported by Donald Trump is designed to reduce the taxes certain retirees pay on Social Security benefits through 2028. That provision does not eliminate taxes altogether, particularly for higher-income beneficiaries, but it could lower the burden for some.