The Social Security Administration announced a 2.8% COLA increase for 2026 benefits. However, your net benefit may feel smaller due to deductions for Medicare premiums, taxes, and other offsets.

The average retired-worker benefit will rise from $2,015 to $2,071 in 2026, but that’s the before-deductions amount. Your actual deposit may be lower due to deductions.

For 2026, the standard Medicare Part B premium is set at $202.90 per month, up from $185 in 2025. Higher premiums can reduce the impact of the COLA increase on your net benefit.

There’s a “hold harmless” provision for some Medicare beneficiaries, but it doesn’t apply to everyone. New Medicare enrollees and those paying income-related premiums may be unaffected.

Income-related monthly adjustment amounts (IRMAA) can increase Part B and Part D premiums. If you crossed into a higher tax bracket, your net Social Security increase may be less than 2.8%.

You can request a lower IRMAA determination from the SSA if your income dropped due to a qualifying life event. IRMAA can significantly impact your net Social Security increase.

If you have other premiums deducted or are subject to legally required offsets, your net Social Security increase may be smaller than expected. Compare your gross and net benefits to understand the difference.

Review your Medicare deductions, including any IRMAA charges, to see how they impact your net Social Security increase. Consider appealing if you believe there is an error in your IRMAA charges.

Most people have Part B premiums deducted automatically from their Social Security benefits. Confirm the standard premium amount and any adjustments based on your circumstances.

If your net Social Security increase feels smaller than expected, consider all possible deductions and offsets that may be affecting your benefit amount. Stay informed about changes to premiums and IRMAA charges.

Read more at Yahoo Finance: Why 2026 Social Security Check May Feel Smaller Than Anticipated