One of the most important sources of your retirement income is likely to be Social Security, but it might not provide as much as you expect. As of January, the average monthly benefit check was just $2,075 -- or nearly $25,000 for the year.
Still, it's critical to learn about Social Security and keep up with its changes in order to get the most out of the program. Here are some changes to know about.
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1. Expect your Social Security benefits to be bigger
Social Security benefits increase over time via nearly annual cost of living adjustments (COLAs). The latest increase, for 2026, was 2.8%. If you were collecting, say, $2,000 per month in 2025, you'd be receiving $2,056 in 2026.
If you haven't yet started receiving your benefits, give some thought to delaying doing so. While you can start collecting at age 62, you can also delay until age 70. Your checks will get bigger the longer you delay, and the larger your check, the larger each increase will be, too.
The table below shows how much of your full Social Security benefits you'll receive, depending on when you claim them and when your full retirement age is:
|
Start Collecting at: |
Full retirement age of 66 |
Full retirement age of 67 |
|---|---|---|
|
62 |
75% |
70% |
|
63 |
80% |
75% |
|
64 |
86.7% |
80% |
|
65 |
93.3% |
86.7% |
|
66 |
100% |
93.3% |
|
67 |
108% |
100% |
|
68 |
116% |
108% |
|
69 |
124% |
116% |
|
70 |
132% |
124% |
Source: Social Security Administration.
It might seem like a no-brainer move to delay, but remember that those starting early will collect many more checks than those who delay. Those who live average-length lives will collect roughly the same total benefits, regardless of when they start collecting. Still, various studies have found that for most (but not all) people to maximize total benefits, the best age at which to claim Social Security is 70.
2. Your Social Security check may end up smaller
Many Social Security beneficiaries have their Medicare premiums automatically paid from their Social Security benefits. For 2026, though, the standard monthly premium for Medicare Part B is rising by a whopping 9.7%, from $185 in 2025 to $202.90 in 2026. While your benefit check might have grown by 2.8%, more will be taken out for Medicare, which will reduce the monthly amount you receive.
3. More income is being taxed
The maximum earnings subject to being taxed for Social Security has risen from $176,100 in 2025 to $184,500 in 2026. All earnings up to that greater sum will face the Federal Insurance Contributions Act (FICA) tax that you'll likely spot on your paystub.
4. The Social Security surplus is running dry
While headlines may suggest that Social Security's coffers will soon be unable to pay beneficiaries at all, that's wrong. However, the program is facing a shortfall.
If nothing is done to strengthen it, Social Security's trust funds' surplus will run out within this decade, resulting in benefits shrinking to around three-quarters of the amount due to beneficiaries. That's a big deal -- a cut of around 24% is far more important than a 2.8% increase, after all.
It's worth learning all you can about Social Security, including how to maximize your benefits.
