Social Security Administration to Announce 2027 COLA, Potentially Increasing Monthly Checks
The Social Security Administration (SSA) is set to announce the 2027 cost-of-living adjustment (COLA) on October 14. This announcement will follow the release of September's Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) by the Labor Department. The COLA is an annual adjustment designed to help Social Security beneficiaries keep pace with inflation. It is calculated by comparing the average CPI-W reading for the third quarter of the current year (July through September) with the same three-month period of the previous year. An estimate from 24/7 Wall St. suggests the 2027 COLA could be around 3.3%. If this estimate holds, a recipient currently receiving $2,000 per month could see their benefit increase by approximately $66, bringing their monthly payment to about $2,066. However, the final figure is subject to change once the September inflation report is released. The COLA will take effect with January 2027 Social Security payments.
