Whether you’re planning for retirement or already collecting benefits, several major Social Security changes are coming in 2026, and they’ll affect millions of New Yorkers. From the final shift in retirement age to new tax rules and rising Medicare costs, here’s what residents across the state need to prepare for.
Full Retirement Age Reaches 67
New Yorkers born in 1960 or later will officially see their full retirement age increase to 67 starting in 2026. You can still retire at 62, but your monthly check could be permanently cut by as much as 30%. Waiting until 70 will give you the highest possible benefit.
New Yorkers born between 1955 and 1959 will continue to follow the gradually rising retirement age schedule.
2.8% COLA Increase
Because of inflation, Social Security and SSI benefits will rise by 2.8% in 2026. The average retirement benefit increases from $2,015 to about $2,071. SSI recipients get their first increase on December 31, 2025.
Medicare Part B Premiums Increasing
Not all the news is positive. Medicare Part B premiums will increase from $185 to $202.90 per month. For most people, that amount is deducted directly from their Social Security check.
Higher Earnings Limits for Working Beneficiaries
In 2026, Social Security allows you to earn a little more before benefits are withheld. Under full retirement age, the limit increases to $24,480. SSA withholds $1 for every $2 you earn above the limit.
If you reach FRA in 2026, your earnings limit rises to $65,160. SSA withholds $1 for every $3 above that amount. Withholding stops the month you hit full retirement age…