For the 2026 tax season, seniors aged 65 and older can claim a temporary "senior bonus" deduction of up to $ 6 , 000 $ 6 , 0 0 0 per individual (or $ 12 , 000 $ 1 2 , 0 0 0 for married couples) under the "One, Big, Beautiful Bill" law. This is an additional deduction on top of the standard, intended for lower- to middle-income retirees, and is effective for tax years 2025–2028.
Tax changes for 2026 offer new ways for individuals ages 65 and over to plan financially. That is largely due to a new temporary senior "bonus" or deduction of up to $6,000 per qualifying individual that was enacted when President Donald Trump signed the "big beautiful bill" package into law last July.
Who qualifies for the $6,000 senior deduction? People who turned 65 by Dec. 31, 2025, are eligible for the new deduction, according to the IRS. The deduction provides $6,000 for each qualifying individual, or $12,000 for married couples who both qualify.
Cost-of-Living Adjustment (COLA) Information for 2026
Social Security and Supplemental Security Income (SSI) benefits for 75 million Americans will increase 2.8 percent in 2026.
In addition to the existing standard deduction, filers who are age 65 and older can qualify for a new senior bonus deduction of up to $6,000 for individuals and $12,000 for married couples. This deduction is targeted to lower- and middle-income retirees and will help tens of millions keep more of their income.
Will everyone receive the $145 Social Security payment in January 2026? No. Only certain beneficiaries may receive an increase close to $145 based on eligibility and benefit calculations.
The "senior bonus" for 2025 refers to a new, temporary federal tax deduction of up to $6,000 per person (or $12,000 for married couples filing jointly) for those aged 65+, effective for the 2025 tax year (filed in 2026) under the "One Big Beautiful Bill Act". This bonus supplements the existing senior deduction, lowers taxable income (regardless of whether you itemize or take the standard deduction), and phases out at higher incomes, with full phase-outs at Modified Adjusted Gross Income (MAGI) of $175,000 (single) and $250,000 (joint).
Based on changes in the Consumer Price Index (CPI), OAS benefits increased by 0.3% for the January to March 2026 quarter, for an increase of 2.0% over the past year, from January 2025 to January 2026.
Nearly 71 million Social Security beneficiaries will see a 2.8 percent COLA beginning in January 2026. Increased payments to nearly 7.5 million people receiving SSI will begin on December 31, 2025. (Note: Some people receive both Social Security benefits and SSI).
The extra $144 added to Social Security usually comes from the Medicare Part B Giveback benefit, offered by some Medicare Advantage (Part C) plans, which pays back some or all your Part B premium, showing up as extra money in your check if it's deducted from your Social Security. To qualify, you need Original Medicare (Parts A & B), pay your own Part B premium, live in a plan's service area, and enroll in a specific Medicare Advantage plan that offers this "rebate," with the amount varying by plan and location.
Since November 2023, false rumors have spread online about a fourth stimulus check for seniors. There currently is no new stimulus check on the way; the IRS is only issuing payments to people who did not receive the full amount they were eligible for with previous stimulus checks.
The official 2026 Social Security Cost-of-Living Adjustment (COLA) is 2.8%, announced by the Social Security Administration (SSA) in October 2025, resulting in an average increase of about $56 monthly for retirees, though some forecasts had predicted slightly lower or higher figures based on inflation trends. This adjustment reflects the rise in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of 2024 to the third quarter of 2025.
What Exactly Is the 2026 Senior Bonus? The 2026 Senior Bonus is a government cash assistance program for eligible Singapore citizens aged 55 and above. Its purpose is to provide quick, flexible financial support for daily needs, so seniors do not have to dip into their retirement savings or CPF too early.
Qualification for the $1,400 stimulus check (the third Economic Impact Payment) in 2021 depended on your 2021 Adjusted Gross Income (AGI) and filing status, with full amounts for single filers earning up to $75,000 (phasing out at $80,000) and joint filers up to $150,000 (phasing out at $160,000), plus $1,400 per dependent; you needed a valid Social Security Number and had to claim it as the Recovery Rebate Credit on your 2021 tax return if you missed the payment, with deadlines typically in April 2025.
So, what about this supposed Social Security bonus? The truth is, there is no such thing. However, the idea of a Social Security bonus may come from the fact that waiting to start receiving benefits can result in a higher benefit amount than if you start earlier.
Last October, the Social Security Administration announced that benefits would be going up by 2.8% in 2026. The news was a mixed bag. On the one hand, a 2.8% cost-of-living adjustment, or COLA, is larger than the 2.5% raise seniors got in 2025.
The Canada Pension Plan (CPP) benefit amounts have increased by 2% for 2026.
You get two Social Security checks in December if you receive Supplemental Security Income (SSI), not regular Social Security, because the January payment gets moved to late December (usually Dec 31) since January 1st (New Year's Day) is a federal holiday, resulting in a December 1st payment and a December 31st payment for January's benefits, with the later one often including the COLA increase.
A new, temporary 'senior bonus' will enable many taxpayers age 65 and older to deduct up to $6,000 in income from their federal returns. You must file a new Schedule 1-A. The new enhanced deduction for seniors will cover taxpayers who itemize and those who claim the standard deduction, if they qualify.
The 2026 Social Security Cost-of-Living Adjustment (COLA) is 2.8%, announced by the Social Security Administration (SSA) in October 2025, resulting in higher monthly payments for beneficiaries starting in January 2026, alongside changes to SSI amounts and the taxable earnings limit. This increase helps offset inflation, though its sufficiency is debated, and Medicare Part B premiums also rose for 2026.
"In addition to the existing standard deduction, filers who are age 65 and older can qualify for a new senior bonus deduction of up to $6,000 for individuals and $12,000 for married couples," said Nancy LeaMond, AARP executive vice president and chief advocacy and engagement officer.