This morning, the Social Security Administration announced a 3.6% cost-of-living adjustment (COLA) for 2027. Retirement benefits will increase by about $75 per month on average starting in January. Recipients will be notified by mail in early December of their new benefit amount.
In making the official announcement, Social Security Administration Commissioner Frank J. Bisignano said, “Social Security will implement this cost-of-living adjustment for 76 million Americans, giving them greater financial stability.”
Retirees will definitely welcome the 3.6% COLA for next year. Not only is it significantly larger than this year’s 2.8 percent COLA, but it’s bigger than the average 3.11 percent COLA we’ve seen over the last decade.
Even so, seniors will likely continue to struggle because of the compound effect of years of inadequate COLAs.
Council of Seniors is Here to Help Older Americans
All of us here at the Council of Seniors want to improve retirees’ financial futures and ensure they receive their full Social Security benefits. We are working with members of Congress to introduce the “Social Security Restitution Act.” It would provide an estimated $970 one-time payment to every retired worker receiving Social Security benefits to help offset years of inadequate cost-of-living adjustments.
Please take a moment and sign our petition today to show your support.