Social Security announces cost-of-living increase for 2027
More than 75 million Americans will get a 3.6% boost to their monthly Social Security benefits next year, due to a cost-of-living adjustment announced Wednesday by the Social Security Administration.
The 2027 cost-of-living adjustment, or COLA, represents the largest annual boost for Social Security recipients in four years. The bigger increase is meant to keep pace with higher inflation this year, driven in part by soaring fuel prices sparked by the war in Iran .
Starting in January, next year's COLA will increase the average Social Security payment by roughly $75 to $2,170 a month, the Social Security Administration said.
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