Social Security COLA Forecasts Predict Biggest Boost Since COVID
Summary
Social Security benefits are expected to increase by about 3.5 to 3.6 percent in 2027. This will be the largest yearly increase since 2023 and helps benefits keep up with rising costs due to inflation.Key Facts
- The Social Security cost-of-living adjustment (COLA) for 2027 is forecasted at 3.5 to 3.6 percent.
- The official COLA will be announced on October 14, after final inflation data is released.
- This increase would be larger than the expected 2.8 percent COLA for 2026 but less than the 8.7 percent increase in 2023.
- COLA is calculated by comparing the average price changes in goods and services during July, August, and September to the same months in the previous year.
- Inflation in 2026 remains unusually high due to rising energy costs, tariffs, and higher prices for services.
- An average retired worker could see a monthly benefit increase of about $73 to $75, raising the payment from about $2,087 to around $2,161-$2,163.
- Disabled workers and surviving spouses would also see their benefits increase proportionally.
- Over 70 million Americans receive Social Security benefits to help cover things like housing, food, and health care.
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