As year's first Social Security checks roll out, Long Islanders say it's not enough

As the first Social Security checks hit bank accounts in 2026, some Long Islanders say this year's 2.8% cost-of-living increase is not enough. 

Starting in January, monthly retirement benefits for seniors are set to increase on average by around $56, according to the Social Security Administration. But most say this increase is not enough, especially when combined with inflation and a nearly 10% increase to Medicare’s Part B standard monthly premium to $202.90 from $185 in 2025.

“For most people who rely on Social Security for the majority of their retirement income, it’s not very much at all,” said Martha Shedden, president of the Melville-based National Association of Registered Social Security Analysts.

The calculated increase “isn’t representative” of how seniors spend their money compared with the average wage earner, especially because older Americans tend to spend more on health care, she said.

In 2026, the average retirement benefit will rise from $2,015 per month to $2,071. For most, that’s not enough alone to manage living expenses on Long Island, where the cost of living is higher than in most other parts of the country.

In Suffolk County, a single adult needs to take home at least $63,155 per year before taxes to cover expenses, according to the Living Wage Calculator, run by the Massachusetts Institute of Technology. A single adult in Nassau County needs $61,357 per year before taxes.

Salvatrice Williams, 72, of Massapequa, collects Social Security and said while she's doing fine thanks to financial planning while she was working, she knows many seniors who are struggling to make ends meet.

“Seniors are on food lines, getting groceries. I don’t have any friends like that, fortunately, but I know a lot of people that do a lot of volunteer work and they see it,” she said. “We’re not getting enough in Social Security as a monthly income.”

Williams is not the only one who feels that way. More than three-quarters of Americans over 50 across the political spectrum said the 2026 COLA does not keep pace with living expenses in a September survey conducted by AARP.

In the survey, 72% said Social Security recipients need at least a 5% raise — nearly double the actual rate — to keep up with costs in the new year.

While changing the way the cost-of-living adjustment for Social Security benefits is calculated has been a concern, conversation about the issue has been dominated by heightened anxiety about cuts in coming years, Shedden said.

In their 2025 annual report, Social Security Administration trustees said the agency's cash surplus would be exhausted in 2034. That means the program will only be able to pay out around 81% of current benefits.

The funding issue is connected to a surplus of retirees compared to workers paying into Social Security, Shedden said. “The only reason they’re able to continue paying 100% of benefits right now is that there was a surplus that had developed in the trust funds due to the last time they made major amendments.”

Despite concerns about the surplus running out, Shedden said it’s still better to wait until age 70, the maximum age for starting to collect Social Security benefits, if possible, to receive a higher check. Working with a financial adviser could help further maximize benefits based on individual situations.

“Become informed; ask questions. If you do not think you’re getting the correct answer or if it doesn’t seem right to you, keep asking,” Shedden said.

Seniors should also seek to minimize their taxable income, said Howard Ginsberg, a Roslyn-based financial adviser.

Up to 85% of Social Security benefits are taxable by the federal government, with the tax rate varying based on factors like combined income, he said. Pensions, IRAs, 401(k)s and other forms of retirement funds are taxable, although Roth distributions are not. 

One-time payouts, like money from the sale of a house, also impact Social Security benefits, Ginsberg said. 

"With the stock market being high in the last few years, some people have a lot of capital gains and they're paying this increase or this surcharge from income they had a year ago or two years ago. They don't have that income now," he said. 

Ginsberg advised seniors to consult financial experts for advice on when it makes sense to start collecting Social Security and how to minimize their taxable income. 

Edward Helm, 65, a certified public accountant based in Massapequa, said many clients are deciding to opt into Social Security earlier because they’re afraid it will be cut.

“My own personal opinion is, I think it will be around and you're better off, if you can afford to do it, to wait as long as possible,” he said.

While Helm has not yet started collecting Social Security, his wife, who is 67, has, and he said the COLA increase this year is not high enough to account for the impact of inflation.

“I have a lot of clients that are not wealthy — they’re middle class people — and I do think a lot of them are struggling more because of inflation,” he said.

He added, “If I was retired, I think it would be much harder with that small increase.”