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Social Security Administration announces 3.6% COLA for 2027
Fox Business • • general
Key Points:
- The Social Security Administration announced a 3.6% cost-of-living adjustment (COLA) for 2027, aimed at protecting beneficiaries' purchasing power against inflation.
- This adjustment will increase Social Security retirement benefits by an average of $75 per month and affect 76 million Americans starting January 2027.
- The 2027 COLA is the largest since 2023, driven partly by rising energy prices due to geopolitical tensions and supply chain disruptions.
- AARP emphasized the importance of the COLA for older Americans facing financial insecurity, helping them manage rising costs for essentials like groceries and healthcare.
- The Committee for a Responsible Federal Budget highlighted that while the average benefit increase is about $900 annually, higher earners could see increases exceeding $2,200, with some couples surpassing $100,000 in combined benefits.
