Social Security checks will increase by roughly $76 per month for the average retired worker in 2027, the federal government announced Wednesday.
The payment jump is due to the Social Security Administration’s annual COLA, or cost-of-living adjustment, which has been determined each fall for decades. Next year’s increase is 3.6%, based on inflation data, amounting to a little more than $900 next year.
“The COLA is really one of the only things in most people’s retirement portfolios that is inflation-adjusted,” said Bill Sweeney, senior vice president for government affairs at AARP.
Source: The Social Security COLA for 2027 is set. Here’s what experts say you need to know | PBS News