Projections for the yearly cost-of-living-adjustment made to Social Security payments are receiving more attention as over 74 million Americans await the official announcement expected to come in mid-October.
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.
However, as noted by previous reports from the Citizen Times, 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.
Here's what to know about the latest COLA increase projections in North Carolina.
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.
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.
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.
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 was the Social Security COLA increase for 2026?
Social Security and SSI benefits for 75 million Americans increased by 2.8% in 2026.
What are the COLA increases for the last five years?
If most recent projections for the 2027 COLA increase hold, it would be a larger increase than beneficiaries received for 2026 and the biggest annual adjustment since at least 2023. According to the Social Security Administration, the past five years of COLA increases have been:
- 2022 - 8.7%
- 2023 - 3.2%
- 2024 - 2.5%
- 2025 - 2.8%
- 2026 - 2.8%
What is the average Social Security payment?
The average monthly Social Security benefit for all beneficiaries was $1,931.05 in March 2026, according to SSA data.
How many people in North Carolina receive Social Security benefits?
The SSA website lists 217,030 N.C. residents receiving SSI benefits as of May 2025. The most recent data available for the state is for December 2024, when the agency identified 2,329,477 beneficiaries.
How many people in the U.S. receive Social Security benefits?
Across the nation, 74,090,000 people were receiving Social Security benefits as of May 2025. This includes 57,164,000 eligible due to their age and 16,927,000 eligible due to blindness, another disability or other reasons.
Iris Seaton is the trending news reporter for the Asheville Citizen Times, part of the USA TODAY Network. Reach her at iseaton@citizentimes.com.
This article originally appeared on Asheville Citizen Times: 2027 COLA increase announcement to come in October. Latest projections
