DON'T WAIT UNTIL OCTOBER 14TH: 3 Emergency Steps For Every Social Security Recipient

On October 14, Social Security announces next year's cost-of-living raise. Early estimates put it around 3.5% — about $73 a month on the average retirement check. But three things come out of it before it ever reaches your bank account, and a couple of them you can still do something about. Here are the three steps to take now, the form that goes with each one, and the phone call to expect after the 14th. THE THREE STEPS 1) Set up my Social Security at ssa.gov and check your earnings record. A year missing? Form SSA-7008 (Request for Correction of Earnings Record). Most corrections must be made within 3 years, 3 months and 15 days, with exceptions. 2) Do the real math: the raise, minus the Medicare Part B premium ($202.90 in 2026; the trustees project about $209.50 for 2027), minus IRMAA if your 2025 income was high. Income dropped after retiring or losing a spouse? Form SSA-44. Want tax taken out of your check? Form W-4V (7, 10, 12 or 22%). 3) On extension? Your 2025 tax return is due October 15, 2026. Make sure the new senior deduction is on it: up to $6,000 per person 65 and older ($12,000 for a married couple), on Schedule 1-A, whether you itemize or not, shrinking above $75,000 / $150,000 of income. It lowers your taxable income — not your adjusted gross income. THE PHONE CALL The raise is automatic. Nobody needs your Social Security number or your bank account to give it to you. If someone calls about your raise, hang up and call Social Security yourself: 1-800-772-1213. CHAPTERS 0:00 What happens on October 14 1:03 Step 1: Set up my Social Security 1:54 Check your earnings record (SSA-7008) 2:47 Step 2: Do the real math on the raise 3:09 The Medicare Part B premium 3:32 IRMAA and form SSA-44 4:12 Taxes on your benefit (W-4V) 4:57 Step 3: The October 15 tax deadline 5:17 The $6,000 senior deduction 6:11 The call you'll get after the 14th 6:54 All three steps on one card SOURCES 2027 COLA announcement on October 14, 2026 (with the September inflation report): The Motley Fool 2027 COLA estimates (about 3.5%): The Senior Citizens League; CBS News COLA notices in the my Social Security Message Center: ssa.gov/cola Correcting your earnings record (form SSA-7008, time limits): Social Security Handbook §1423 — ssa.gov Medicare Part B premium and IRMAA (2026), SSA-44: medicare.gov; ssa.gov Taxes on Social Security benefits ($25,000 / $32,000) and form W-4V: ssa.gov Senior deduction and Schedule 1-A: IRS — irs.gov Extension deadline October 15, 2026: IRS — irs.gov ABOUT THIS CHANNEL Every video is researched from official rules and the reporting listed above. This channel is not affiliated with Social Security, Medicare, the IRS or any insurance company, and does not sell insurance. General information only, not advice for your personal situation.