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The Social Security Administration on Wednesday announced a 3.6% cost-of-living adjustment (COLA) for 2027.
The COLA is determined using the consumer price index for urban wage earners and clerical workers (CPI-W) data for the third quarter of the year, including the months of July, August and September. It aims to ensure that the purchasing power of Social Security benefits isn’t eroded by inflation.
On average, the COLA will increase Social Security retirement benefits by $75 per month.
“Social Security will implement this cost-of-living adjustment for 76 million Americans, giving them greater financial stability,” said Commissioner Frank Bisignano.
SOCIAL SECURITY CHIEF BISIGNANO SAYS PROGRAM WILL ‘BE AROUND FOR ANOTHER 90 YEARS’
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