Growing concerns have been raised regarding the potential influence of social media on mental health and well-being, specifically focusing on the phenomenon of social comparison. Prior research has shown that individuals tend to overestimate the happiness portrayed in others' social media posts, resulting in negative outcomes such as low mood, reduced self-esteem, and diminished life satisfaction. However, given the nearly two-decade surge of socialmedia, we question whether this trend persists. This study aims to investigate whether individuals still perceive others' happy posts as happier than their own happy posts on social media, while also exploring potential age and gender differences. Self-reported happiness is a person's perception of their own level of happiness, while perceived happiness is the level of happiness, they believe other people are experiencing. Data was collected via an online survey completed by 314 participants. A mixed ANOVA revealed a significant misperception of happiness, indicating, against the current literature, that individuals tend to overestimate their own happiness compared to the happiness expressed by others in social media posts. Gender emerged as a significant factor influencing happiness misperception, with males reporting higher levels of self-reporting happiness than their happiness. A significant difference between the age groups was found and indicated that the older age group (25-64 years) demonstrated a significantly higher happiness misperception than the emerging adult group (15-24 years). The study reveals new insights on happiness misperception in social media, impacting well-being and social bonding, particularly among males and adults, and altering perceptions of online emotional expressions.