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What to know about benefits
CNBC • • general
Key Points:
- The Social Security Administration announced a 3.6% cost-of-living adjustment (COLA) for 2027, increasing Social Security retirement benefits by an average of $75 per month for 76 million Americans.
- This 3.6% COLA is the largest increase since 2023 and reflects rising inflation, with the consumer price index up 3.7% over the past year.
- Approximately 72 million Social Security recipients and 7.3 million Supplemental Security Income (SSI) beneficiaries will see higher payments starting late December and January.
- Beneficiaries can estimate their benefit increase by multiplying their current payment by 3.6%, but Medicare Part B and Part D premium increases may reduce the net benefit amount.
- The SSA will send COLA notices by mail or online starting in late November, and beneficiaries are encouraged to update their information to receive timely updates.
