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Social Security announcing benefits change on Oct. 14
AL.com • • general
Key Points:
- The Social Security Administration will announce the 2027 cost of living adjustment (COLA) on October 14, based on inflation data from July to September.
- Forecasts suggest a 3.5% COLA increase for 2027, the highest in four years, potentially raising the average monthly benefit by $67.90 to $2,007.98.
- Approximately 70 million Social Security recipients, including disability and survivor beneficiaries, will be affected by the adjustment.
- Rising Medicare costs will offset part of the COLA increase, with the standard Part B premium expected to rise by $6.60 to $209.50 and the annual deductible increasing to about $292.
- Medicare Part B premiums are deducted directly from Social Security benefits, reducing the net increase recipients will see in their monthly payments.
