In 2026, Social Security benefits will see a 2.8% Cost-of-Living Adjustment (COLA), increasing the average monthly payment to approximately $2,071. However, Medicare Part B premiums are rising to $202.90 monthly, and the deductible to $283, potentially offsetting some of the COLA gains. Additionally, the taxable wage base for Social Security will increase to $184,500, impacting higher earners. New IRS contribution limits for retirement accounts are also being introduced.