Retirement Social Security

3 Things to Expect From Your First Social Security Check of 2026

What changes, timing, and deductions mean for your first 2026 check.

By David Maina

Edited by Laura Hohenstein

Updated Jan. 5, 2026

Your first Social Security check of 2026 does more than flip the calendar. It's also the first payment that reflects the new cost-of-living adjustment (COLA), so many retirees will see a change right away.

Even so, the amount that lands in your bank account may not be exactly what you expect. Timing, deductions, and payment rules all play a role, and understanding them can help you better plan your cash flow and maximize your senior benefits from the start.

Here are three things to keep in mind when your first Social Security check of 2026 arrives.

Learn 7 ways to generate income with a $1,000,000 portfolio

Learn the strategies wealthy retirees use to fund their retirement with $1,000,000 — and how you can, too — with this new guide: The Definitive Guide to Retirement Income from Fisher Investments.

Fisher Investments has helped tens of thousands of investors retire comfortably since 1979. With over $332 billion under management, they provide tailored money management to help achieve long-term goals.

Get your guide here

A 2.8% raise from the 2026 COLA

Every January, Social Security recalculates benefits to apply the annual cost-of-living adjustment. For 2026, the Social Security Administration (SSA) set the COLA at 2.8%, slightly higher than last year's 2.5% and close to the recent 10-year average.

What that means in simple terms is that your gross monthly benefit in January 2026 will be 2.8% higher than it was in December 2025. For context, the average retired worker's benefit is expected to rise from about $2,015 to roughly $2,071.

To see how this plays out for you, compare your December and January amounts on your SSA notice or in your my Social Security account.

That notice is worth keeping, as it shows your updated benefit alongside any deductions, making it easier to confirm that your January deposit matches what SSA announced.

Who really has the cheapest auto insurance in your area? Check your zip code here.

January 2026 payment dates

Your January payment date depends on Social Security's regular schedule and the holiday calendar. For most retirement, disability, and survivor beneficiaries, the SSA uses your birth date to set the timing.

Here's how January 2026 breaks down:

Friday, January 2, 2026: Beneficiaries who started receiving Social Security before May 1997. This group includes many older beneficiaries and some people who also receive SSI.
Wednesday, January 14, 2026: Beneficiaries born on the 1st through the 10th of any month.
Wednesday, January 21, 2026: Beneficiaries born on the 11th through the 20th of any month.
Wednesday, January 28, 2026: Beneficiaries born on the 21st through the 31st of any month.

Note that if you receive spousal or survivor benefits, your payment date follows the birth date of the worker on whose record you are claiming. The same schedule rules apply based on that person's birthday, not yours.

Medicare Part B and other deductions

One reason your January check may look smaller than a 2.8% raise suggests is that deductions increase, too.

For most retirees, the biggest change is Medicare Part B. The standard monthly premium rises to $202.90 in 2026, up $17.90 from $185.00 in 2025. If you're enrolled, SSA usually withholds that amount directly from your Social Security benefit.

Here's what that looks like in real numbers. If your 2025 benefit was $1,000 before deductions, you took home about $815 after the $185 premium.

In 2026, that same benefit rises to about $1,028 with the COLA, but after the $202.90 premium, your net payment is closer to $825. Your gross benefit rose by about $29, yet your take-home pay increased by only about $10.

In practical terms, the Part B premium increase absorbs roughly one-third of the COLA for the average Medicare enrollee.

A few additional details to keep in mind:

Higher-income beneficiaries may pay more due to IRMAA surcharges. In 2026, the highest earners can pay up to $689.90 per month for Part B.
Medicare Part D premiums are typically paid separately to your drug plan and are not withheld from your Social Security check. If Part D IRMAA applies, that surcharge is deducted from your monthly benefit payment.

In short, if you see a $202.90 Medicare deduction (or more) on your January 2026 pay stub, that's likely why your COLA-driven raise feels smaller than expected.

Get a protection plan on all your appliances

Did you know if your air conditioner stops working, your homeowner’s insurance won’t cover it? Same with plumbing, electrical issues, appliances, and more.

Whether or not you’re a new homeowner, a home warranty from Choice Home Warranty could pick up the slack where insurance falls short and protect you against surprise expenses. If a covered system in your home breaks, you can call their hotline 24/7 to get it repaired.

For a limited time, you can get your first month free with a Single Payment home warranty plan.

Get a free quote

Why the increase may feel small (beyond deductions)

It's natural to feel that a 2.8% raise is smaller than your hopes, especially given recent inflation news. Many retirees notice higher costs at the grocery store or gas pump and wonder why Social Security didn't rise more.

The short answer is timing. The SSA calculates the COLA using a fixed formula based on past inflation, not current prices.

Specifically, the adjustment reflects changes in the Consumer Price Index for Wage Earners (CPI-W) measured from the third quarter of 2024 through the third quarter of 2025. If inflation picked up late in 2025, those increases won't affect benefits until a future COLA.

That gap is why the adjustment doesn't always line up with what you're feeling month to month. In years when prices rise unevenly or spike late, the COLA can lag. It still helps, but it isn't designed to fully offset every increase in real time.

Bottom line

Your first Social Security check of 2026 reflects the 2.8% COLA, but what you actually see deposited may be smaller than expected once Medicare Part B and other deductions are taken out.

Before assuming something's wrong, check your SSA notice or my Social Security account to see the new benefit and deductions side by side. Understanding those numbers is a simple but important step in planning for retirement, and it helps you know exactly what to expect as the year begins.

More from FinanceBuzz: