Social Security payments April 2026 look higher but feel smaller for millions. Over 75 million Americans depend on these monthly benefits. A 2.8% COLA increase added modest gains this year. But Medicare Part B premiums surged to $202.90, cutting real income. Inflation near 2.4% continues squeezing daily essentials and healthcare costs. April tax season further reduces net Social Security income for retirees. Up to 85% of benefits remain taxable under current rules. Rising living costs outpace fixed income growth sharply. Why are Social Security checks shrinking in real value now? And how much more pressure could retirees face next?