I find that most pairs, even if long enough when I first buy them, shrink shortly after.
How should a wife beater fit?
For the properly proportioned male, the wife-beater fits like a comfortable shoe. With the right fit, it's snug to the upper torso and covers the important areas without crowding and tightening up in the underarm area like a T-shirt.
Why do my undershirts shrink?
Most t-shirts are made out of cotton, or a cotton-blend, and it tends to shrink due to the tension that's applied during the construction process. Heat—whether by water or air—will release this tension and cause the fabric to shrink back to its original size.