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Social Security benefits are projected to increase by approximately 3.6 percent in 2027

The Social Security Administration is expected to announce the official 2027 cost-of-living adjustment (COLA) on October 14. Current projections suggest a benefit increase in the 3.4 percent to 3.6 percent range, which would be a significant rise over the 2.8 percent adjustment received in 2026. For the average retiree, a 3.6 percent increase would raise a monthly benefit of approximately $2,086 to roughly $2,161. However, experts note that because the COLA is a reimbursement for inflation already experienced, the higher costs of everyday expenses may consume much of the additional money. Other adjustments for 2027 are expected to include a higher maximum taxable earnings cap, which is forecast to reach approximately $190,200. Additionally, the earnings test limits for those who claim benefits while still working are expected to rise. Under current law, the full retirement age will remain at 67 for those born in 1960 or later, with no further increases scheduled for 2027.

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