The 2027 Social Security cost-of-living adjustment (COLA) has been making headlines lately. That’s because this month we learned how much more retirees will receive in benefits next year to help keep up with inflation.
The 2027 COLA is XX percent. Understanding what this means and how Social Security got to that number can be quite complicated. Fortunately, we found a video by Study.com that explains in simple terms everything you need to know about the Social Security cost-of-living adjustment: its purpose, history, and how it’s calculated.
It’s important to understand how COLA works so that you can recognize one of its biggest flaws.
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.
According to the Council of Seniors’ Executive Director Barbara Godwin, “For years, seniors have watched their Social Security checks fail to stretch as far as they should, while the cost of everyday essentials keeps climbing. This legislation is a straightforward, targeted way to help make up for COLAs that didn’t reflect what retired Americans were actually paying to get by.”
Please take a moment and sign our petition today to show your support.