We are six months away from learning what the 2027 Social Security cost-of-living adjustment will be, and indications are that it could be one of the largest in years.
According to an article posted by AOL, this year’s 2.8 percent COLA marked the fifth consecutive year in which benefits climbed by at least 2.5 percent. The last time that happened was about 30 years ago.
If nothing changes, next year’s COLA could be even higher. An article by 24/7 Wall St. states that inflation is still higher, pointing out that “shelter costs rose 3.0 percent and food climbed at a similar pace over the past 12 months.”
The war in Iran is only fueling the inflationary situation, with oil and gas prices soaring. In March, the price at the pump surpassed $5 per gallon in some places. That translates into higher prices for food and other consumer goods.
It’s still too early to tell what the 2027 COLA will be. Early predictions range from 1.7 percent to another 2.8 percent increase. Whatever it turns out to be, most seniors will agree it’s simply not enough.
Council of Seniors is Here to Help Older Americans
Seniors should not struggle. Older Americans worked long and hard and deserve to live a comfortable retirement.
All of us here are Council of Seniors want to improve retirees’ financial futures – and that starts with Congress enacting The SAVE Benefits Act. The passage of this bill can make up for Social Security cost-of-living adjustments (COLAs) that have let you down in recent years. If it passes, $581 will be returned to eligible seniors.
Sign our petition right now to show you’re on board with our effort.