Next week the Social Security Administration will announce the 2027 cost-of-living adjustment (COLA). It is determined by taking the average yearly change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for July, August, and September. The official announcement will be on Oct. 14.
According to an article by Yahoo! Finance, no matter what the COLA percentage is, retirees in some states will fare better than others. That’s because higher average wages translate to higher benefit levels for retirees.
Citing a report by The Motley Fool, retirees in New Jersey, Connecticut, Delaware, New Hampshire, Maryland, Washington, Michigan, Minnesota, Massachusetts and Utah will see the biggest boost from the 2027 COLA.
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.