Social Security's 2027 COLA could be the biggest since 2023
Summary
Social Security benefits are expected to increase by about 3.6% to 3.8% in 2027, which would be one of the largest raises in recent years. This increase is based on inflation data but may change when official figures are released in October.Key Facts
- The 2027 cost-of-living adjustment (COLA) for Social Security is estimated between 3.6% and 3.8%.
- A 3.6% to 3.8% COLA would raise the average monthly benefit from $2,071 to around $2,149.
- The COLA is calculated using inflation data from July to September, so the final number may differ.
- The official 2027 COLA will be announced on October 14, after the September inflation report.
- Inflation has been unstable, with June showing a slower rise of 3.5% compared to May's 4.2%.
- Some seniors say Social Security benefits have lost about 14% of buying power in the past decade.
- Current inflation measures used to calculate COLA do not fully reflect the costs that affect older Americans, like healthcare.
- Many seniors (89%) felt the 2026 COLA increase of 2.8% was too low to keep up with their expenses.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
