AI Generated Image
Social Security COLA increased announced soon: Prepare to be disappointed, experts warn
Cleveland.com • • business
Key Points:
- The Senior Citizen League forecasts a 3.5% Social Security cost of living adjustment (COLA) for 2027, the highest in four years but slightly lower than last month's prediction.
- This increase is higher than the 2026 COLA of 2.8% and the 2025 COLA of 2.5%, but still may not keep pace with inflation affecting seniors.
- TSCL Executive Director Shannon Benton highlights that inflation impacts retirees differently, and the annual COLA increase may not adequately cover rising costs for essentials like food, housing, and fuel.
- With a 3.5% COLA, the average monthly Social Security benefit would rise by about $67.90 to roughly $2,008, which many seniors may find insufficient given current inflation pressures.
- The official 2027 COLA will be announced by the Social Security Administration on October 14, based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) data from July through September.
