Social Security checks are changing again in 2026, and retirees may notice the difference. Monthly benefits are rising, Medicare costs are climbing, and the program’s long-term finances remain under strain. Here’s what to know about the latest Social Security updates and how they could affect your retirement income.
According to The Motley Fool, the average monthly Social Security benefit stood at about $2,075 as of January — close to $25,000 a year. For millions of retirees, that payment is the financial backbone of everyday life.
First, the headline number: benefits rose by 2.8% in 2026 thanks to the annual cost-of-living adjustment, or COLA. The increase, announced by the Social Security Administration, is designed to keep up with inflation. If someone received $2,000 per month in 2025, that check increases to about $2,056 in 2026.
It is not a windfall. But it is more money.
Social Security withholding isn’t a permanent penalty—your benefits are recalculated at full retirement age. Don’t confuse this temporary earnings test withholding with the permanent reduction for early filing. #SocialSecurity #RetirementPlanning pic.twitter.com/WzHXwCBpzS
— Sean Matteson (@seanmatteson) February 17, 2026
When you claim Social Security also matters — a lot. Americans can start collecting at age 62, but that comes with a permanent reduction. Those with a full retirement age of 67 receive about 70% of their full benefit if they claim at 62. Wait until 70, and the monthly check can grow to 124% of the full benefit amount.
In simple terms: wait longer, get more each month. Start early, get more checks over time. For people who live an average lifespan, total lifetime benefits often even out. But studies have shown that delaying to age 70 can maximize lifetime income for many retirees.
Now here’s the catch. While benefits went up 2.8%, Medicare Part B premiums rose faster. The standard monthly premium increased from $185 in 2025 to $202.90 in 2026, a jump of about 9.7%. For most retirees, those premiums are deducted automatically from Social Security checks. So even if the benefit is larger on paper, the amount landing in a bank account may not feel quite as generous.
There is another change for workers still paying into the system. The maximum earnings subject to Social Security payroll tax increased from $176,100 in 2025 to $184,500 in 2026. Income up to that cap is taxed under the Federal Insurance Contributions Act, better known as FICA. Higher earners will see slightly more taken from their paychecks.
Starting in 2026, the Social Security Administration will raise the full retirement age to 67 for everyone born after 1960.
Americans must work longer because Congress keeps spending our Social Security.
Senator Tommy Tuberville confirms they spend our Social Security, “It’s… pic.twitter.com/ys3FgldDvz
— Johnny Midnight ⚡️ (@its_The_Dr) February 17, 2026
Meanwhile, the bigger issue sits in the background. Social Security’s trust funds are projected to face a funding shortfall within this decade if Congress does not act. According to trustees’ reports, once the surplus is depleted, the program would still collect enough payroll taxes to pay about three-quarters of scheduled benefits. That would mean a reduction of roughly 24% across the board — not zero, but not full benefits either.
Payment timing is also worth noting. Social Security retirement and SSDI benefits are generally paid on the second, third, and fourth Wednesdays of each month, depending on a recipient’s birth date. Those who began receiving benefits before May 1997 are typically paid earlier in the month. In February 2026, for example, the second major payment date fell on February 18. Supplemental Security Income payments can shift when the first of the month lands on a weekend, sometimes resulting in two SSI deposits in one calendar month.
None of this is dramatic on its own. A few extra dollars here, a few more deducted there, and a cap adjusted upward doesn’t seem as if it’s going to break the bank. But for retirees balancing fixed incomes, small changes add up. And in Social Security, the details are rarely small.
