February is the month when the “theoretical” changes to Social Security finally become real dollars in your bank account. While the January check introduced the new COLA, February confirms whether that increase is enough to cover the winter heating bills that are now arriving. In 2026, specific adjustments to payment schedules, tax forms, and earnings limits are causing confusion for millions of beneficiaries. Retirees are checking their online accounts to reconcile the difference between what they thought they would get and what actually landed. Here are nine facts you need to verify right now to ensure your benefits are correct.
1. The 2.8% COLA is Locked In
The Cost-of-Living Adjustment (COLA) for 2026 is officially 2.8%, which translates to an average increase of roughly $56 per month. By February, this new amount should be stable in your deposit history. If your check amount fluctuates between January and February, it is usually due to a change in your Medicare Part D plan premium or tax withholding, not the COLA itself. You should verify that the gross amount matches the COLA notice you received in December.
2. The Earnings Limit is $24,480
If you are working while collecting benefits before your Full Retirement Age (FRA), the earnings limit for 2026 is $24,480. This means you can earn up to $2,040 a month without triggering a penalty. If you exceed this, the SSA withholds $1 for every $2 earned. Retirees checking their work schedules in February need to ensure they are pacing their income to stay under this cap. Exceeding it early in the year can lead to a surprise overpayment notice later.
3. The February Payment Waves (11th, 18th, 25th)
Because February started on a Sunday, the Wednesday payment schedule is pushed later into the month.
- Feb 11: Birthdays 1st–10th.
- Feb 18: Birthdays 11th–20th.
- Feb 25: Birthdays 21st–31st. If your birthday is late in the month, you won’t get paid until February 25th, leaving a long gap if you were paid in late January. You must budget carefully to bridge this 4-week window.
4. No SSI Payment in February
As noted in previous alerts, there is no SSI payment in the month of February 2026. Because the February 1st payment was issued early on January 30th, millions of recipients will see $0 deposited this month. The next SSI check will not arrive until February 27th (for March). If you spent the Jan 30th check already, you are facing a strict cash flow drought this month.
5. The SSA-1099 Tax Form Deadline
By February, you should have received your Form SSA-1099 in the mail, which shows your total benefits paid in 2025. This form is essential for filing your taxes, as up to 85% of your benefits may be taxable if your combined income is high. If you haven’t received it by February 15th, you must log into your My Social Security account to download a replacement. Do not file your taxes without this document.
6. Medicare Part B Premium is $185.00+
The standard Part B premium deducted from your check in 2026 is $185.00 (or higher if IRMAA applies). Many seniors forget that this premium often increases annually, eating into the COLA raise. If your check seems only slightly larger than last year’s, it is because the Medicare hike absorbed a portion of your 2.8% raise. Check the “Deductions” tab in your portal to see the exact breakdown.
7. The “Combined Income” Tax Trap
February is when many seniors realize that their COLA increase might push them into a taxable bracket. The “Combined Income” thresholds for taxing Social Security ($25k for singles, $32k for couples) are not adjusted for inflation. This means the 2.8% raise might be the straw that breaks the camel’s back, making more of your benefits taxable this year. You may need to increase your voluntary tax withholding (W-4V) now to avoid owing the IRS next April.
8. State Tax Exemptions Are Changing
Several states have recently eliminated or reduced taxes on Social Security benefits for 2026. If you live in a state like Nebraska or Missouri that has been phasing out these taxes, your February net income might be higher if you adjusted state withholding. Check your state’s Department of Revenue site to see if you are now fully exempt. You don’t want to withhold state tax if you no longer owe it.
9. Scammers Love February
Tax season brings a spike in “Social Security suspension” scams. Criminals call claiming your SSN has been “suspended” due to a crime and demand gift cards to fix it. Remember: The SSA will never call you to threaten arrest or demand immediate payment. If you get this call in February, hang up immediately.
Verify Online Today
The only source of truth is your my Social Security account. Log in today to verify your payment date and deduction amounts so you aren’t guessing with your budget.
Did the Medicare premium eat up your COLA raise this year? Leave a comment below—tell us the math!
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Teri Monroe started her career in communications working for local government and nonprofits. Today, she is a freelance finance and lifestyle writer and small business owner. In her spare time, she loves golfing with her husband, taking her dog Milo on long walks, and playing pickleball with friends.
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