The Social Security Administration announced Wednesday that benefit and Supplemental Security Income payments will increase by 3.6% in 2027. This cost-of-living adjustment, or COLA, is the largest since 2023 and is designed to help beneficiaries keep pace with the rising cost of living.
The increase follows inflation data showing that consumer prices in September jumped 3.7% from a year ago. Due to these widespread inflation challenges, retired Americans will see a boost in their monthly checks. The agency stated that retirement benefit checks will go up by an average of $75 per month, while some individual benefits will climb an average of about $70 per month.
Overall, the 3.6% increase will amount to a little more than $900 next year. Retirees can expect to see the additional funds in their benefit checks starting in January.