Retirees could see the biggest Social Security benefits boost in years, but they will likely still suffer financially.
According to an article by The Motley Fool, analysts predict the 2027 Social Security cost-of-living adjustment (COLA) could be 3.9 percent. That would provide an additional $81 per month on average. For a retiree living off a fixed income, that $81 won’t move the needle much, especially if inflation continues to climb. Gas prices are up almost $1.20 per gallon compared to this time last year. One fill-up and you probably gave back any extra money you received from a COLA.
We won’t know for sure how much the 2027 Social Security COLA will be, but it’s likely that any increase will be more than offset by inflation.
Council of Seniors is Here to Help Older Americans
Older Americans worked long and hard and deserve to live a comfortable retirement free from financial strain.
All of us here at the 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.