Being asked if your raise and/or bonus is OK is, in my experience, not normal. Instead, after your performance reviews are complete, you are possibly given a raise and/or bonus. Receiving a raise or bonus of any kind is not a requirement, although larger companies will often consider cost of living and adjust salaries appropriately on a somewhat regular basis.
In your case, the first thing I would do is look at your current compensation package. Do not just consider the salary, but all of the benefits as well. Attempt to determine two things. First, consider your total compensation package against similar companies in similar industries in your geographic area (there are services to help with this). Second, determine if you are happy with your compensation package. Once you have this information, don't do anything with it until your meeting with your manager.
When you meet with your manager to review your performance review, first go just that: review the performance review. Perhaps there were shortcomings in this year that you didn't recognize that prevented them from giving out what you expected. Perhaps there are business drivers that caused raises and bonuses to be smaller than in the past. Your manager should be able to help you understand the performance review and its impact on your raise and bonus. Then, take some time to digest this information.
After taking a few days to think about the performance review, whatever your manager says, and the information you learned in your research, then you can take appropriate action. If you are happy with what you find in your research and your managers explanation, you don't need to do anything - if you're already well compensated for your job with your experience in your area and industry, asking for more probably isn't going to get you anything. If you learn about things in your performance review or business drivers, you can focus on what you need to do to improve yourself or help the business improve. If you're simply unhappy with the raise and bonus and you are performing well, another option would be to seek a new job.
If, for any reason, you need to have further discussions about your performance review or compensation package, I find it best to do those face-to-face. So set up a time to meet with your manager after you've had time to think things through and do some research to understand your current market worth.