If you’ll be at least 62 years old in 2026, it means you’re eligible to sign up for Social Security. However, that doesn’t mean that claiming Social Security this year is a smart idea, especially with the 2.8% Cost-of-Living Adjustment (COLA) taking effect. This boost adds about $56 to the average monthly check, but you must factor in that Medicare Part B premiums are also rising to $202.90 per month in 2026, which may eat into that gain.
When it comes to Social Security, your filing age matters for a big reason — it helps determine how much of a monthly paycheck you get. For those turning 62 in 2026 (born in 1964), your Full Retirement Age (FRA) is 67. Filing now results in a permanent 30% reduction in your monthly benefit for life.
With that in mind, here are four things you absolutely have to do before you claim Social Security this year.
1. Review and correct your earnings record as needed
The Social Security benefit you’re entitled to in retirement is based on your 35 most lucrative years of earnings. Before you claim, log into your account at SSA.gov. If you plan to keep working while claiming benefits in 2026 and are under FRA, keep in mind the earnings limit has increased to $24,480; exceeding this results in a $1 deduction for every $2 earned.
2. Understand how much monthly income you need from your benefits
Estimate your annual retirement expenses—housing, food, utilities, and healthcare—and compare them to your savings. For high earners, remember that the taxable wage base has risen to $184,500 for 2026. If your savings and other income streams don’t cover your projected $64,000 annual needs, you may need Social Security to provide at least $2,000 monthly, which requires careful timing of your filing age.
3. Think about the state of your health
If your health is not in good shape, filing early could maximize your total lifetime income. However, if your health is great, delaying past FRA is often the better move. With the 9.7% hike in Medicare Part B premiums this year, a larger monthly Social Security check is more vital than ever to cover rising healthcare costs.
4. Leverage the new 2026 Social Security tax break
A major change for 2026 is the introduction of a $6,000 tax deduction for taxpayers aged 65 and older. This deduction applies fully to individuals with a modified adjusted gross income (MAGI) up to $75,000, or $150,000 for married couples. Before filing, consult with a tax professional to see how this new legislation affects your net take-home pay.
Is 2026 the year for you to claim Social Security? Maybe. But making that decision confidently means addressing these specific 2026 figures and legislative updates first.
Editor’s Note: This article has been updated for 2026 to include the 2.8% COLA increase, the new $24,480 earnings test limit, and the rising Medicare Part B premium of $202.90. We also added a new section regarding the $6,000 tax deduction for seniors and clarified that the Full Retirement Age for those turning 62 this year is 67.
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