Is Your February 2026 Social Security Check Smaller Than Expected? Here's Why

Opening your bank account and seeing a smaller Social Security deposit than you expected can be unsettling. Maybe you were counting on that money for groceries, utilities, or a medical bill, and the number just doesn't line up with what you had in mind when you're trying to make the right moves.

In most cases, though, the change follows routine rules and deductions, and understanding them can help you make the right moves going forward. Here are the most common causes of a smaller February Social Security check.

Here are the common reasons your February payment may be smaller and what each one means for your income.

The 2026 cost-of-living adjustment (COLA) was modest

Social Security benefits rise each year with inflation, and for 2026, the adjustment is 2.8%. A benefit of $2,000 in late 2025 rises by about $56. Recent years brought larger increases, including 3.2% in 2024 and 2.5% in 2025. Compared with those bumps, 2.8% can feel small.

With inflation cooling in 2025, the COLA followed suit, and the result is a smaller raise than many people hoped for. That lower starting point can make your February check feel smaller, even though it technically went up.

Higher Medicare premiums reduced your net check

Medicare costs rose in 2026, and most retirees pay those premiums directly from their Social Security payments.

In 2026, the standard Medicare Part B premium is $202.90 per month, up from $185.00 in 2025. That's an extra $17.90 taken out each month. If you were used to seeing about $300 withheld for Part B, it's now closer to $318.

Likewise, Medicare Part D has a national base premium of $38.99 in 2026, plus whatever your specific plan charges.

Higher-income retirees may also owe Income-Related Monthly Adjustment Amount (IRMAA) surcharges, which increase both Part B and Part D premiums. For example, someone in the middle income bracket pays an extra $14.50 to $60.40 for Part D, and between $81.20 and $324.60 extra on Part B

When these deductions rise, they can easily offset a modest COLA increase. Even if your gross benefit went up in January, higher Medicare costs can leave you with less money in hand by February.

Taxes on Social Security benefits

Taxes don't change the gross benefit Social Security pays, but they can reduce what you keep. If your income is high enough, part of your benefit may be taxable—and that can show up as a smaller February deposit if you chose withholding or owe taxes.

Here's how it works:

• If your provisional income (adjusted gross income plus half of your Social Security) is above $34,000 for single filers or $44,000 for joint filers, up to 85% of your benefits can be taxable.
• Below those levels, 0% or 50% of benefits may be taxable instead.
• If you elected tax withholding or have other income (pensions, interest, part-time work), more of your check may be set aside for taxes.

For example, if 85% of a $2,000 monthly benefit is taxable and you're in the 12% bracket, you'd owe about $204 in tax on that portion, often reflected as withholding from your monthly payment. That can make your February deposit look noticeably smaller than the headline benefit.

Working and other income can trigger temporary withholdings

If you are still working and have not reached full retirement age, Social Security may withhold part of your benefit based on your earnings.

For 2026, the earnings limit for those under full retirement age is $24,480 per year ($2,040 per month). Social Security takes back $1 for every $2 you earn above that.

In the year you reach full retirement age, the limit is $65,160 ($5,430 per month), with $1 withheld for every $3 over that limit. After you reach full retirement age, earnings no longer reduce your benefits.

If you earned well above the monthly limit in January, SSA may withhold part of the benefit paid in February. That can make the deposit look dramatically smaller, even though it's tied to income you earned weeks earlier.

The key point is that this withholding is temporary. Once you reach full retirement age, Social Security adjusts your benefit to credit months when payments were withheld.

Bottom line

If your February check came in lower than expected, the answer is almost always in the paperwork. Start by reviewing your SSA-1099 and your My Social Security account to confirm your gross benefit, Medicare premiums, tax withholding, and the 2.8% COLA for 2026, then compare those figures to what actually hit your bank account.

In most cases, higher Medicare costs, taxes, or timing issues can fully explain the drop. If something still looks off, contacting Social Security can clear it up. Understanding these changes is an important part of planning for retirement and helps you avoid unnecessary worry about your monthly income.

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Author Details

David Maina

David Maina is a seasoned financial writer for FinanceBuzz who has been crafting insightful, accessible, and well-researched content since 2018. Over the years, he has written extensively on a wide range of personal finance topics, including insurance, retirement planning, Medicare, personal loans, Social Security, and tax planning.