The yearly cost-of-living adjustment made to Social Security payments is expected to be announced on Wednesday, Oct. 14, as more than 74 million Americans await the official announcement.
After months of speculation on what the 2027 COLA could be, the announcement is expected to take place after the numbers for September inflation are released on the morning of Oct. 14.
Many experts say that inflation across the U.S. could affect how far that money will go for beneficiaries. In September, USA TODAY reported that U.S. consumer prices rose 0.4% from the month before in August, while gas prices rose 3.9% over the month.
These rising costs could greatly influence just how much Social Security recipients in North Carolina and across the U.S. could see.
Here's what to know about the latest COLA increase projections in North Carolina.
How many people receive Social Security in the US? North Carolina?
In total, roughly 74.09 million U.S. residents were receiving Social Security benefits as of May 2025. In North Carolina, at least 217,030 residents receive benefits. Currently, the 2027 COLA increase is projected to be higher than it has been in several years - the COLA increase has not risen above 3% since 2023.
What does COLA mean?
COLA stands for cost-of-living adjustment. These automatic changes are made to Social Security and Supplemental Security Income benefits to keep the purchasing power of these payments constant as prices rise.
When will the 2027 Social Security COLA be announced?
The Social Security Administration is expected to announce the official 2027 COLA on Wednesday, Oct. 14.
What is the expected COLA increase for 2027?
Most recent estimates from AARP and The Senior Citizens League suggest the 2027 adjustment could be around 3.5% to 3.6%.
Independent Social Security analyst Mary Johnson estimated a 3.4% COLA, while advocacy group The Senior Citizens League projected a 3.6% increase. Other projections generally range from about 3.2% to 3.6%, depending on assumptions about inflation during the next two months.
"Could the COLA push higher to 3.6% given recent climbs in gasoline and utility prices?" Johnson said. "To achieve that, there would have to be a very stiff jump in inflation, a jump so high that there was only one other time in the past 26 years, in 2005, when month-to-month inflation from August to September was that high. Perhaps not very likely, but our world and the U.S. economy today are teaching us never say never."
How much could Social Security checks increase in 2027?
The average monthly Social Security retirement benefit was about $2,086 as of July 2026.
Based on current projections, beneficiaries could see monthly increases larger than the increase received this year.
Using current estimates:
- A 3.4% COLA would increase the average benefit by roughly $71 per month.
- A 3.6% COLA would increase the average benefit by roughly $75 per month.
Actual benefit increases vary depending on each recipient’s current monthly payment.
This article originally appeared on Asheville Citizen Times: 2027 Social Security COLA announcement comes Oct. 14. What to expect
