The Main Changes Coming in 2026

Social Security has scheduled changes for 2026 that affect how much you receive and when you can claim full benefits. The most significant change is that the full retirement age (FRA) — the age at which you receive 100 percent of your benefit — will increase to 67 for people born in 1960. This shift has been phased in gradually since 2003 and continues through 2027. If you were born in 1960 or later, your full retirement age is already 67 or will become 67 by the time you reach it.

The second major change is the annual cost-of-living adjustment (COLA), which Social Security announces each October for the following year. This adjustment raises benefit amounts to account for inflation. The 2026 COLA amount will be announced in October 2025, so the exact percentage is not yet known. Your current benefit will increase by whatever percentage is announced, applied to your payment starting in January 2026.

A third change affects the earnings test for people who claim before their full retirement age. The limit on how much you can earn without losing benefits changes each year. In 2026, if you claim early and work, you will lose one dollar of benefits for every two dollars you earn above the annual earnings limit — the exact dollar amount will be published by Social Security in late 2025.

Key Takeaways

  • Full retirement age reaches 67 in 2026 for people born in 1960, meaning you must wait until age 67 to receive your complete benefit amount without reduction.
  • Your monthly benefit will increase in January 2026 by the cost-of-living adjustment announced in October 2025, which reflects inflation from the previous year.
  • If you claim before age 67 and continue working, the earnings limit that reduces your benefit will change in 2026 and will be announced by Social Security in the fall of 2025.
  • The Medicare Part B premium, which many Social Security recipients pay from their benefits, typically changes each year and the 2026 amount will be announced in the fall of 2025.
  • Spousal and survivor benefits follow the same full retirement age rules, so if you receive benefits based on someone else's work record, your full retirement age is also 67 in 2026.

How the Full Retirement Age Increase Affects Your Benefit Amount

The full retirement age increase means that if you were born in 1960, you cannot receive your complete benefit until you turn 67. If you claim at 62 (the earliest age allowed), your benefit will be permanently reduced by about 30 percent compared to what you would receive at 67. If you wait until 70, your benefit will be about 24 percent higher than your full retirement age amount.

This change does not affect people already receiving benefits — their payments remain the same unless they increase due to the annual cost-of-living adjustment. It only affects people who have not yet claimed. If you were born before 1960, your full retirement age is already set at 66 or lower, and it will not change.

The reduction for claiming early is permanent. Once you claim at 62 instead of 67, that lower amount becomes your base benefit for life. Future cost-of-living adjustments will be calculated on that lower base, so the gap between your benefit and what you would have received at 67 only grows over time.

Cost-of-Living Adjustment and What It Means for Your Payment

Every January, Social Security increases benefits by a percentage that matches inflation measured by the Consumer Price Index. This is the cost-of-living adjustment, or COLA. The 2026 COLA will be announced on October 16, 2025, and will take effect on January 1, 2026. The adjustment is applied to all current beneficiaries, regardless of age or when they claimed.

The COLA is not a fixed amount — it varies year to year depending on inflation. In recent years, COLA has ranged from 0 percent (in 2011 and 2016) to 8.7 percent (in 2023). You cannot predict the 2026 COLA now, but you can expect Social Security to publish it in mid-October 2025. Your new payment amount will appear in your January 2026 benefit statement or direct deposit.

If you receive both Social Security and Supplemental Security Income (SSI), the COLA affects both payments. If you receive Medicare Part B, the standard premium is deducted from your Social Security benefit, and the Part B premium also changes each year — usually announced at the same time as the COLA.

Earnings Limits if You Claim Before Full Retirement Age

If you claim Social Security before reaching your full retirement age and you continue to work, Social Security reduces your benefit based on your earnings. In 2026, the earnings limit will change — Social Security publishes the new limit each October for the following year. The current rule is that you lose one dollar of benefits for every two dollars you earn above the limit.

This earnings test applies only in the year you claim and the years before you reach your full retirement age. Once you reach your full retirement age, there is no earnings limit, and you can work and earn as much as you want without any reduction to your benefit. The earnings test does not reduce your future benefit amount — it only temporarily withholds payments in the year you earn above the limit. When you reach full retirement age, Social Security recalculates your benefit to account for the months payments were withheld.

If you are self-employed, Social Security counts your net profit as earnings. If you own a business, you should track your income carefully if you plan to claim before your full retirement age in 2026.

Medicare Part B Premium Changes Tied to Social Security

Most people who receive Social Security also pay for Medicare Part B (medical insurance), and that premium is usually deducted directly from the Social Security payment. The Part B premium changes each year and is announced in the fall along with the COLA. In 2026, the premium amount will be published in October 2025.

If your Social Security benefit increases due to the COLA but your Part B premium also increases, your actual take-home payment may increase by less than the COLA percentage. In some years, the premium increase is larger than the COLA, which means your net payment stays the same or even decreases. This is called "hold harmless" protection — if you are already on Medicare, your benefit cannot decrease due to a Part B premium increase, but your increase may be smaller than the COLA.

If you are not yet on Medicare or you have coverage through your employer, the Part B premium change will not affect your Social Security payment in 2026.

Spousal and Survivor Benefits in 2026

If you receive benefits based on your spouse's or ex-spouse's work record, the full retirement age rules explore to you as well. In 2026, your full retirement age is 67 if you were born in 1960. This means you cannot receive your complete spousal benefit until age 67. If you claim at 62, your spousal benefit will be reduced by about 32 to 35 percent, depending on your birth year.

Survivor benefits — payments to your family members if you pass away — also follow the full retirement age schedule. A surviving spouse can claim a reduced benefit as early as age 60, but the full survivor benefit is not available until the surviving spouse reaches full retirement age. Children and dependent parents have different age rules, but the full retirement age of 67 in 2026 affects how much a surviving spouse receives.

The cost-of-living adjustment also applies to spousal and survivor benefits. If you receive either type of benefit, your payment will increase in January 2026 by the same COLA percentage as retirement benefits.

What to Do Now to Prepare for 2026 Changes

If you have not yet claimed Social Security, review your birth year to confirm your full retirement age. You can find this on the Social Security website or in your Social Security statement. If you were born in 1960, your full retirement age is 67 as of 2026. If you were born earlier, your full retirement age is lower and is not changing in 2026.

If you are currently working and considering claiming before your full retirement age, wait until October 2025 to learn the 2026 earnings limit. This will help you decide whether claiming in 2026 makes sense for your situation. If you earn above the limit, you will lose benefits, so knowing the exact limit helps you plan.

If you are already receiving benefits, no action is needed. Your benefit will automatically increase in January 2026 by the COLA announced in October 2025. Check your Social Security statement in January to confirm the new amount, and verify that your Medicare Part B premium has been deducted correctly if you are on Medicare.

Frequently Asked Questions

Does the full retirement age increase affect people already receiving Social Security?

No. The full retirement age increase only affects people who have not yet claimed. If you are already receiving benefits, your payment stays the same unless it increases due to the annual cost-of-living adjustment. Your full retirement age does not change retroactively.

When will Social Security announce the 2026 cost-of-living adjustment?

Social Security announces the COLA in mid-October each year. The 2026 COLA will be announced on October 16, 2025, and will take effect on January 1, 2026. The exact percentage depends on inflation data from the previous months and cannot be predicted in advance.

If I claim at 62 in 2026, how much will my benefit be reduced?

If you claim at 62 and your full retirement age is 67, your benefit will be reduced by approximately 30 percent. This reduction is permanent and applies to your entire benefit for life. Future cost-of-living adjustments will be calculated on this lower amount.

Can I work and receive Social Security if I claim before age 67 in 2026?

Yes, but if you earn above the 2026 earnings limit, Social Security will reduce your benefit by one dollar for every two dollars you earn above that limit. The exact earnings limit will be announced in October 2025. Once you reach age 67, there is no earnings limit.

Will my Medicare Part B premium increase in 2026?

The Medicare Part B premium typically changes each year. The 2026 premium will be announced in October 2025 along with the COLA. If you are already on Medicare, hold harmless protection means your Social Security benefit cannot decrease due to the premium increase, but your benefit increase may be smaller than the COLA percentage.