The latest projections are that retirees could see a 3.9 percent Social Security cost-of-living adjustment (COLA) for 2027, and it could continue to inch up if inflation does not slow down.
Even though the 2027 COLA is pretty much guaranteed to be larger than this year’s 2.8 percent, a Yahoo! Finance article says it will likely still not be large enough to keep up with inflation. And it typically never does.
The article notes that “COLAs have become less and less likely to match inflation over time. In the 1990s and 2000s, 60 percent of COLAs beat inflation. In the 2010s, only 40 percent did. Through the 2020s so far, only one COLA out of five (2023; 8.7 percent) has done so.”
Council of Seniors is Here to Help Older Americans
This problem is nothing new. Social Security COLAs have let down retirees for many years now. That’s why all of us here at the Council of Seniors are working to get Congress to enact The SAVE Benefits Act. This bill directs the Department of the Treasury to disburse a payment equal to 3.9 percent of the average amount of annual benefits to certain individuals. If it passes, $581 will be returned to eligible seniors.
Sign our petition right now to show you’re on board with our effort.