Core Points - The Social Security Administration (SSA) announced a 2.8% cost-of-living adjustment (COLA) for benefits starting in January 2026, but the net benefit may feel smaller due to deductions and changes in Medicare premiums [1][2] - The average retired-worker benefit is projected to increase from $2,015 to $2,071, reflecting a monthly difference of approximately $56 before deductions [2] - The standard Medicare Part B premium for 2026 is set at $202.90 per month, an increase from $185 in 2025, which can diminish the perceived benefit of the COLA [4] Medicare Impact - Medicare Part B premiums are automatically deducted from Social Security benefits, which can reduce the actual increase retirees experience from the COLA [3][4] - The "hold harmless" provision may protect some retirees from a decrease in their Social Security check due to rising Part B premiums, but it does not apply to everyone [5] - Higher-income retirees may face additional costs due to income-related monthly adjustment amounts (IRMAA), which can further reduce the net increase from the COLA [6][7]