The Main Changes Coming in 2026

Social Security is making several changes in 2026 that will affect how much you receive, how much you pay in taxes, and when you can claim benefits. The most visible change is the increase in the full retirement age — the age at which you receive your full benefit amount without any reduction. Starting in 2026, the full retirement age moves from 66 and 10 months to 66 and 11 months. It will continue rising by two months each year until it reaches 67 in 2027.

The cost-of-living adjustment (COLA) for 2026 has not yet been announced, but it will be released in October 2025. This adjustment raises the dollar amount of monthly benefits to account for inflation. The 2025 COLA was 3.2 percent, but the 2026 figure will depend on inflation data collected through September 2025.

Tax changes are also coming. The wage base limit — the maximum income subject to Social Security tax — increases each year. In 2025 it was $168,600. The 2026 figure will be announced in October 2025 and will be higher. This means workers earning above that threshold will pay Social Security tax on a larger portion of their income.

Key Takeaways

  • The full retirement age increases by one month in 2026, from 66 and 10 months to 66 and 11 months, and continues rising until it reaches 67 in 2027.
  • The cost-of-living adjustment for 2026 will be announced in October 2025 and will raise monthly benefit amounts based on inflation.
  • The wage base limit for Social Security tax will increase in 2026, meaning higher earners will pay tax on more of their income.
  • Claiming benefits before your full retirement age will result in a permanent reduction to your monthly amount, and this reduction becomes larger as the full retirement age rises.
  • Medicare premiums and deductibles may also change in 2026, which affects what you pay out of pocket even if you receive a benefit increase.

How the Full Retirement Age Affects Your Benefit Amount

Your full retirement age is the age at which Social Security pays you 100 percent of your calculated benefit. If you claim before that age, your monthly payment is reduced permanently. If you delay claiming past that age, your payment increases by about 8 percent per year until age 70.

The shift to age 67 as the full retirement age — which completes in 2027 — means that people born in 1960 or later will not receive their full benefit until age 67. If you were born in 1960, your full retirement age is 67. If you claim at 62, the earliest possible age, your benefit will be about 30 percent lower than your full retirement amount. This reduction is permanent and does not increase later.

The gradual increase in full retirement age means each year's cohort of new claimants faces a slightly higher threshold. Someone born in 1958 has a full retirement age of 66 and 8 months. Someone born in 1959 has a full retirement age of 66 and 10 months. The 2026 change means someone born in 1960 will have a full retirement age of 66 and 11 months.

Social Security Tax Changes and the Wage Base Limit

Social Security is funded by a payroll tax split between workers and employers — each pays 6.2 percent of wages. However, this tax only applies to earnings up to a certain limit, called the wage base. In 2025, that limit is $168,600. Any income above that amount is not subject to Social Security tax.

The wage base limit increases each year based on average wage growth in the economy. The Social Security Administration announces the new limit in October of the prior year. For 2026, the exact figure will be released in October 2025. If wages have grown, the limit will be higher, meaning workers who earn above it will pay Social Security tax on more of their income.

Self-employed workers pay both the employee and employer portions of Social Security tax — 12.4 percent total — but they also benefit from a deduction that reduces their taxable income. The wage base limit applies to self-employed income the same way it does to wages.

Cost-of-Living Adjustment and What It Means for Your Check

Every year, Social Security benefits are adjusted to account for inflation. This adjustment is called the cost-of-living adjustment or COLA. It is calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), measured from the third quarter of one year to the third quarter of the next.

The 2025 COLA was 3.2 percent, meaning beneficiaries received a 3.2 percent increase in their monthly benefit. The 2026 COLA will be announced on October 10, 2025, and will take effect with the December 2025 payment (received in January 2026). If inflation has been lower than in 2024, the 2026 COLA will be lower than 3.2 percent. If inflation has been higher, the COLA will be higher.

The COLA applies to all beneficiaries — retirees, disabled workers, and survivors. It also applies to the earnings limit, which is the amount you can earn while still receiving benefits if you claim before your full retirement age. In 2025, that limit is $23,400. The 2026 limit will increase along with the COLA.

Medicare Premium and Deductible Changes

Most people on Social Security are also enrolled in Medicare. Medicare premiums and deductibles change each year, and these changes are announced at the same time as the Social Security COLA — in October 2025 for 2026 changes.

The Part B premium (which covers doctor visits and outpatient care) is deducted directly from your Social Security check. In 2025, the standard Part B premium is $174.70 per month, though higher earners pay more. The 2026 premium will be announced in October 2025. Even if your Social Security benefit increases due to the COLA, a higher Medicare premium could reduce the net increase you see in your check.

The Part B deductible (the amount you pay out of pocket before Medicare starts paying) also increases most years. In 2025 it is $240. The 2026 deductible will be announced in October 2025. If you use medical services, a higher deductible means you will pay more before your coverage kicks in.

What to Do Before 2026 Arrives

If you are currently receiving Social Security, you do not need to take any action. Your benefit will be adjusted automatically in January 2026 to reflect the COLA. Your Medicare premiums will also be adjusted automatically if you are enrolled.

If you are not yet receiving benefits and are thinking about when to claim, the increase in full retirement age is worth considering. Claiming at 62 will result in a larger permanent reduction than it did in previous years. Delaying until your full retirement age or beyond will result in a higher monthly payment. You can contact Social Security to discuss your specific situation and see estimates of what you would receive at different ages.

If you are self-employed or a higher earner, you may want to track the October 2025 announcement of the 2026 wage base limit so you know how much of your income will be subject to Social Security tax. This information is useful for tax planning and understanding your total payroll tax burden.

Frequently Asked Questions

Will my Social Security check go up in 2026?

Yes, if you are receiving benefits. The cost-of-living adjustment will increase your monthly amount, though the exact percentage will be announced in October 2025. However, if your Medicare Part B premium increases more than your COLA increase, your net check amount might not rise as much as the benefit increase itself.

If I claim at 62 in 2026, how much less will I get than if I wait?

The reduction depends on your full retirement age. In 2026, if your full retirement age is 66 and 11 months, claiming at 62 will reduce your benefit by about 29.2 percent. The exact reduction is calculated based on how many months early you claim. Waiting until your full retirement age or later results in a higher monthly payment.

Does the wage base limit affect me if I am already retired?

No. The wage base limit only affects people who are currently working and paying Social Security tax. If you are retired and receiving benefits, the wage base limit does not change your benefit amount. However, if you are still working part-time while receiving benefits before your full retirement age, the earnings limit (which increases with the COLA) determines whether your benefits are reduced.

When will I know the exact COLA and wage base for 2026?

The Social Security Administration announces both figures on October 10, 2025. These announcements are posted on the Social Security website and are widely reported in the news. You can also call Social Security at 1-800-772-1213 to ask about the new figures once they are released.

What if I disagree with how my benefit was calculated?

You can request a detailed benefit statement from Social Security, which shows your earnings record and how your benefit was calculated. If you find an error in your earnings record, you can file a request to correct it. Social Security has a process for reviewing disputes, and you can represent yourself or work with a representative.