The 2026 Social Security COLA Has Been Announced. 4 Things All Seniors Should Do Now.

You’ve been eagerly awaiting word about what your Social Security benefit will be next year and, after a slight delay, the 2026 cost-of-living adjustment (COLA) came in at 2.8%. That’s a little higher than what projections had been calling for.

But as soon as the excitement of receiving more money wears off, you start wondering whether it will be enough and what you should do next. If you can tick the following four boxes, you’re off to a good start.

1. Estimate what your 2026 benefit will be

Estimating your 2026 Social Security benefit is pretty straightforward if you’re comfortable with some basic math. Take your current monthly benefit and add 2.8%. So, for example, if you get a $2,000 monthly benefit right now, adding another 2.8% would give you $56 more, bringing you to $2,056 per month.

You should be able to get pretty close to your 2026 check amount. The Social Security Administration will also send you a personalized COLA notice in December with your exact benefit for next year. You can also access this information through your my Social Security account in early December.

2. Keep an eye out for updates on the 2026 Medicare Part B premium

Most seniors 65 and older who are also enrolled in Medicare have their Part B premiums automatically withheld from their Social Security checks. If you’re one of them, you’ll need to subtract your 2026 Part B premium from next year’s Social Security benefit to see how much of your checks you’ll actually get to keep.

The government hasn’t announced the official Part B premium increase for 2026, so keep an eye out for this in the coming weeks. Back in June, the Medicare Trustees Report projected a $206.20 monthly premium for 2026. This would be a $21.20 increase from the current $185.00 premiums.

If this worries you, you should know that Medicare has a hold-harmless provision that ensures your Medicare Part B premium increase will never be greater than your Social Security COLA for that year. In the worst-case scenario, your net 2026 Social Security checks would be the same as your current checks.

3. Compare your Social Security benefits to your current monthly expenses

Look at your bank and credit card statements from the last few months to get an idea of your average costs. Don’t forget to budget for irregular expenses that only come up once or a couple of times per year, like your Medicare deductibles.

Subtract your take-home Social Security benefit from your average monthly expenses. The difference is the amount you’ll need to cover on your own.

4. Come up with a plan to cover what Social Security doesn’t

It’s unlikely that Social Security will cover all of your monthly costs. So you’ll need a strategy to cover the rest. This could be some combination of the following:

• Personal savings: If you have savings in a retirement account, you can draw upon these as needed to cover what Social Security won’t.
• Job: Working in retirement can give you a sense of purpose in addition to a steady paycheck.
• Cutting expenses: Limiting discretionary purchases can free up more cash to go toward the essentials.
• Government benefits: When you have no savings to fall back on, you may need to sign up for other government benefits like Medicaid or Supplemental Nutrition Assistance (SNAP) to help you cover the basics.

It doesn’t hurt to get started on a budget right now, particularly if you think you may need to sign up for government benefits. It can take time to get all your documentation together and for the programs to evaluate your application.

Put your budget into action right away in January. Then, check in with yourself after a month or two to see how you’re doing. You may need to make some adjustments until you find a plan you can stick with for the rest of 2026.