NRLN President’s Forum Social Security COLA Will Be 2.8% for 2026 The Social Security Administration (SSA) announced on Friday, October 24, there would be a 2.8% Cost-of-Living Adjustment (COLA) for 2026. SSA normally announces the COLA on October 15 but was delayed due to the federal government shutdown. The COLA increase for January will add about $56 to an average monthly benefit of $2,071. Unfortunately, the standard Medicare Part B premium will take a chunk out of the COLA. It is expected to increase in 2026 by $21.50 from $185.00 per month $206.50. Many seniors with Medicare Advantage plans are likely to learn their healthcare insurance provider is increasing deductibles, copays and the maximum out-of-pocket cost. Drug deductible – the amount you pay up front before coverage kicks in – are increasing for many Medicare Part D plans. Also, in a number of plans, medications that now come with a …
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White House Highlights ‘No Tax On Social Security’ For 51 Million Seniors
The White House on Tuesday posted on X that 51 million seniors are now paying “NO TAX ON SOCIAL SECURITY” thanks to the Working Families Tax Cuts signed by President Donald Trump.
The post stated: “GOLDEN AGE FOR YOUR GOLDEN YEARS. The Working Families Tax Cuts have allowed 51 million seniors to keep more of their money by paying NO TAX ON SOCIAL SECURITY.”
This message continues the administration’s emphasis on tax relief measures, including no tax on tips and no tax on overtime.
The White House has repeatedly promoted these provisions as delivering significant savings to working families and retirees during the current tax filing season.
The tax changes stem from the One Big Beautiful Bill Act passed in 2025, which introduced an additional temporary senior deduction of up to $6,000 for individuals aged 65 and older (up to $12,000 for qualifying couples). This deduction is available whether taxpayers itemize or take the standard deduction and phases out at higher income levels.
The Social Security Administration noted in 2025 communications that the new law provides meaningful tax relief for the vast majority of beneficiaries by reducing or eliminating federal income tax liability on their benefits for many households.
Tax analysts, including those at the Tax Foundation, have pointed out that while the White House describes the change as “no tax on Social Security,” the legislation technically provides an enhanced senior deduction rather than a complete statutory exclusion of all Social Security benefits from gross income.
The deduction is temporary and scheduled to expire after 2028 unless extended by Congress, the Tax Foundation reported.
The topic has gained renewed attention on social media as millions of Americans finalize their 2025 tax returns and seniors calculate the impact of the additional deduction on their taxable income.
As more data from the current tax season becomes available, the precise savings for individual seniors will vary based on income, filing status, and other deductions.
From The Dallas Express
Six steps retirees should take now with their Social Security benefits
Just as springtime is the perfect time to air out the house and get rid of cobwebs, it’s also a good time to check up on Social Security benefits.
As nice as it would be to believe that the Social Security Administration never gets it wrong or that you never allow details to fall through the cracks, nobody can make such a claim.
If you’re retired or nearing retirement, take these steps in April to ensure you won’t spend the rest of the year wondering whether you missed an important Social Security detail.
1. Check your Medicare premium deductions
Review your Social Security statement to confirm that the correct premium amount is being withheld from your Social Security benefits for Medicare Part B (and Part D if you’re not paying your insurer directly). While you’re there, ensure any income-related monthly adjustment amounts (IRMAAs) are accurate, and that you’re not being overcharged due to outdated income information.
If you’re paying an IRMAA, it should be based on your tax return from two years ago. If you’ve undergone significant changes since that time − including retirement, divorce, death of a spouse or job loss − your IRMAA could be reduced or eliminated.
2. Update your mySocialSecurity page
Log in to the SSA site and view your mySocialSecurity page. Verify that all information is correct, including your current contact listing and direct-deposit information.
3. Review your COLA adjustment
Check the benefits you’ve received so far this year to ensure that the cost-of-living adjustment (COLA) has been correctly applied to your benefits.
4. Take a look at taxes
Tax season is a great time to decide if you need to adjust the tax withholding from your benefits for the coming year. If you decide to change your voluntary withholding, use Form W-4V. The last thing you want to do is get behind on your taxes in retirement.
5. Review your beneficiaries
Check all your financial accounts to ensure your beneficiaries are who you want them to be. If a beneficiary has passed away, you’ll need to add another beneficiary. If you’re recently divorced, you may want to remove your ex-spouse as a beneficiary.
6. Reevaluate your budget
Use April as a quarterly checkpoint to decide whether your Social Security benefits meet your financial needs. If not, it may be time to adjust your retirement withdrawal strategy. If you think April is a bad month because you’re busy with your tax return, consider this: There’s a great deal of overlap between the documents you need to complete your tax return and the documents that involve Social Security payments. You might save time by taking care of both tasks at
once.
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The articles and opinion pieces below are for information and are not necessarily a reflection of the NRLN’s position on issues.
The NRLN is nonpartisan and its positions on retirement issues are presented in its Legislative Agenda and white papers that can be accessed from under the Legislative Agenda tab on the website main menu.
