Some major changes to Social Security are coming in 2027. An article by AL.com breaks down exactly what you need to know:
Beginning in January, Social Security recipients will receive a 3.6 percent cost-of-living adjustment (COLA). That equates to an additional $75 each month for the average retiree. This is the fifth-largest COLA in the past 35 years.
The wage cap is also increasing. The maximum amount of earnings subject to the Social Security tax is increasing to $192,300 — that’s up from the current $184,500. Earnings above that amount are not subject to payroll taxes.
The earnings limit is also changing in 2027. That’s how much you can make while collecting retirement benefits before the monthly payments are reduced or withheld. The earnings limit for workers younger than full retirement age will increase to $25,560. For people reaching their full retirement age in 2027, the earnings limit is increasing to $67,920. There is no limit on earnings for workers who are of full retirement age or older for the entire year.
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.