Your Social Security statement says one thing. Your bank account shows something a little different. That gap is mostly explained by one line item: your Medicare Part B premium.
For 2026, that premium went up by $17.90, bringing it to $202.90 per month. The Social Security Administration deducts it automatically from your monthly benefit. So while you did get a 2.8% cost-of-living adjustment this year, a chunk of that raise went right back out the door.
What You Actually Take Home Each Month
The table below shows average Social Security benefits by age, what they look like after the 2.8% COLA increase, and (most importantly) what actually lands in your pocket after the Part B premium comes out.
| Age | 2025 Avg. Benefit | 2026 Avg. Benefit (after 2.8% COLA) | 2026 Take-Home (after Part B) |
|---|---|---|---|
| 65 | $1,607.27 | $1,652.27 | $1,449.37 |
| 66 | $1,807.28 | $1,857.88 | $1,654.98 |
| 67 | $2,016.48 | $2,072.94 | $1,870.04 |
| 68 | $2,052.64 | $2,110.11 | $1,907.21 |
| 69 | $2,096.95 | $2,155.66 | $1,952.76 |
| 70 | $2,274.68 | $2,338.37 | $2,135.47 |
| 71 | $2,247.76 | $2,310.70 | $2,107.80 |
| 72 | $2,205.21 | $2,266.96 | $2,064.06 |
| 73 | $2,207.96 | $2,269.78 | $2,066.88 |
| 74 | $2,178.87 | $2,239.88 | $2,036.98 |
| 75 | $2,144.88 | $2,204.94 | $2,002.04 |
| 76 | $2,157.21 | $2,217.61 | $2,014.71 |
| 77 | $2,170.80 | $2,231.58 | $2,028.68 |
| 78 | $2,140.16 | $2,200.08 | $1,997.18 |
| 79 | $2,155.77 | $2,216.13 | $2,013.23 |
| 80 | $2,106.29 | $2,165.27 | $1,962.37 |
| Data source: Social Security Administration | |||
One Protection Worth Knowing About
Here is something reassuring. The Social Security Administration has a “hold harmless provision.” It means your monthly check can never go down because of a Medicare premium increase.
If your COLA raise was smaller than the premium hike, the SSA simply caps the deduction. Your premium increase can only be large enough to cancel out your COLA, never more. Your take-home pay holds steady at worst.
If You Are a Higher Earner
Some retirees pay more than the standard Part B premium. If your income is above certain thresholds, you may owe an income-related monthly adjustment amount, known as IRMAA. This surcharge also applies to Medicare Part D, which covers prescription drugs. Like the standard premium, it is typically deducted automatically from your Social Security benefit.
When Medicare Enrollment Kicks In
You can start collecting Social Security as early as age 62. But Medicare does not begin until age 65.
If you are already receiving Social Security when you turn 65, the SSA will enroll you in Medicare automatically. If you have not started Social Security yet, you will need to sign up for Medicare yourself. You have a seven-month window to do it, the three months before your birthday month, your birthday month itself, and the three months after.
Missing that window can lead to coverage gaps and late-enrollment penalties, so it is worth marking your calendar well in advance.