Social Security Increase: Retirees Could Get $75 More Per Month in 2027
Summary
Millions of Social Security recipients may get about $75 more per month in 2027 if the forecasted cost-of-living increase happens. This increase is meant to help benefits keep up with rising prices for everyday needs like food and housing.Key Facts
- The projected increase, called the cost-of-living adjustment (COLA), could be between 3.5% and 3.6% for 2027.
- Last year’s COLA was 2.8%, so this would be a bigger increase.
- The average monthly benefit might go up from about $2,086 to around $2,161.
- The exact increase depends on each person’s current payment amount.
- Inflation and global factors, like conflicts and climate issues, are pushing prices higher.
- The final COLA will be officially announced by the Social Security Administration in October 2026.
- Social Security benefits make up the main income for many retirees.
- Experts say retirees should consider their own costs for things like health care and housing, which may rise faster than general inflation.
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