As the new year is near, there are a few important steps that should be taken by the Social Security recipients to maximize their benefits and have any changes in 2026 addressed properly. The 2026 Social Security COLA (Cost-of-Living Adjustment) will be 2.8, and it implies that most beneficiaries will receive a slight rise in their monthly benefits beginning in January. Nevertheless, as a manager or employee, these are a few steps that you need to accomplish before the year comes to an end lest you miss on important updates or end up experiencing preventable problems.
Review Your Earnings Record
Based on the earnings of the 35 years of your highest earnings, your Social Security benefits are computed. In case of some errors or gaps in your record or missing wages, this may reduce your future benefits than anticipated. To inquire about your earnings account:
- Go to My Social Security account at ssa.gov.
- Check all your work years one by one and make a comparison between them and your W-2 forms or tax returns.
- In case you discover inconsistencies, provide evidence of your incomes with the help of Form SSA-7008 and other supporting materials.
Corrections to fix mistakes now means you are guaranteed to receive the maximum benefits you deserve in the future (2026 and onwards).
Check and Revise Your Tax Withholding.
Others who receive Social Security benefits opt to have federal income tax deducted. You may do so if you depart with this option, you need to submit a Form W-4V to the Social Security Administration before the expiry of the year.
- In the case you do not have taxes withheld now, but would like to begin, submit your form.
- In case you already pass on withholding, you should check your withholding level to make sure that it corresponds to your current tax status.
This action will prevent being caught by the surprise during the year 2026 when you will be filing your tax returns.
Update Your Direct Deposit Information
In case you get your Social Security checks through direct deposit be sure to update your bank information. The Social Security Administration has recent modifications in the direct deposit process and the modifications done after a third Saturday of a month might not become effective until the next month.
- Open your My Social Security account.
- Select the manage direct depot section and complete your bank details as required.
- Ensure that your bank account is operational and sound.
This guarantees that your payment of January 2026 does not come late.
Understand the 2026 COLA and Medicare Changes
The social security cost of living adjustment (COLA) is 2.8 percent in 2026, and this will raise the average monthly retirement benefits level by 2,015 to 2,071. Medicare premiums, however, are on the increase as well. The average Part B premium will be raised by 185 to 202.90 per month which will partially counter the COLA increment among the greater percentage of beneficiaries.
The changes in the 2026 include:
| Category | 2025 Value | 2026 Value |
|---|---|---|
| Average Monthly Benefit | $2,015 | $2,071 |
| Medicare Part B Premium | $185 | $202.90 |
| Maximum Taxable Earnings | $176,100 | $184,500 |
| SSI Individual Payment | $967 | $994 |
| SSI Couple Payment | $1,450 | $1,491 |
Check your Medicare plan and think over whether you should change your budget due to the increased premium.
Fact Check
Every fact in this paper is reliant on current developments as announced by the Social Security Administration and reliable financial news outlets as of December 2025. The official COLA is 2.8 and the increases in Medicare premium are also established by the Centers of Medicare and Medicaid Services.
Practicing these four steps will help the Social Security recipients prepare themselves before January 1 to make sure that they are prepared to face the changes in 2026 and not encounter any unnecessary delays and problems with their benefits.
FAQ’s
What is the date of 2026 Social Security COLA?
The 2.8% growth will be experienced on payments beginning January 2026.
Does that mean that I can still update my direct deposit details in January?
Yes, but not past the third Saturday of December so that they are processed in time.
What should I do when I make mistakes in my records of earnings?
Form SSA-7008 and supporting (W-2s or tax returns durable) documents.
Does a social security check involve Medicare premiums?
Yes, the majority of recipients actually cover their Part B Medicare Part just out of their Social Security benefits thus the upsurge will lower the amount they receive overall.