Social Security COLA for 2027 is coming Wednesday. Here's what t
Social Security COLA for 2027 is coming Wednesday. Here's what t
Social Security COLA for 2027 is coming Wednesday. Here's what to expect
WASHINGTON - More than 75 million Americans who receive Social Security benefits will find out Wednesday how much their monthly checks will increase in 2027, when the Social Security Administration announces its annual cost-of-living adjustment. Forecasters expect the adjustment to land between 3.5% and 3.6%, the largest increase since 2023 and up from the 2.8% adjustment recipients received in 2026. The official announcement comes after the Bureau of Labor Statistics releases September's inflation data at 8:30 a.m. ET Wednesday. The COLA is calculated based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers from July through September, compared to the same period the prior year. If the adjustment comes in at 3.5%, it would raise the average retired worker's benefit by roughly $72 a month, based on the current average monthly payment of about $2,064, according to Forbes and AARP. AARP's 3.6% estimate would translate to about $75 more per month for the average beneficiary. The new amount would show up in checks beginning in January 2027. What have recent adjustments been? The COLA has fluctuated significantly in recent years, typically driven by inflation trends. Here's how recent years compare: 2027: 3.5%-3.6% projected 2026: 2.8% 2025: 2.5% 2024: 3.2% 2023: 8.7% (highest since 1981) 2022: 5.9% The 10-year average COLA is about 3.1%, according to the Social Security Administration. The adjustment program has been in place since 1975 and is designed to help benefits keep pace with inflation. www.khou.com/article /news/nation-world/s ocial-security-cola- for-2027-is-com
TexasGal, KathyMarshall and Smokeybear + 3 more reacted
West-Tex : I'm wondering how much of the projected COLA increase is going to be taken right back thru an off setting increase to cost for Medicare coverage?
Catmae : West-Tex : I'll never see SS. Too many banked on it being their sole retirement income. It'll be gone before I get to it, or the age will be 80.
ParksideRes : Not with that attitude.
Catmae : It's for sure not getting any better situation the past couple of years
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Each person should be tracked on how much was put into the system by themselves from their paycheck and from their employer. Their lifetime payout should be no more than that plus interest gained.
ParksideRes : There are so many comments I can make, but I am going to keep this thread out of the FL. I know many people who paid into SS their entire working life, but because of lower-income jobs, their contributions weren't very high. Now, at a time when they can't work, the amount of SS they collect isn't even enough to support them. How in the world would they fare if they maxed out and SS stopped?
they can't work, the amount of SS they collect isn't even enough to support them. How in the world would they fare if they maxed out and SS stopped?
Catmae : SS was NEVER meant to be a lifeline, it was supposed to be a supplement.
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Catmae : SS was NEVER meant to be a lifeline, it was supposed to be a supplement. I have to dig further into my paychecks to set aside Roth. And savings for future college. And this with wages that have been far surpassed in purchasing power from decades ago. (1980 minimum wage was $3.10. That is $13 today. Twice the minimum pay) It needs serious attention.
ParksideRes :
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