Social Security now poised for big ‘Trump Bump’ in the months ahead — here’s how much extra cash you’ll likely get

The Social Security Administration (SSA) could be on the verge of a "Trump Bump" for recipients in 2027, according to projections. This potential increase in benefits stems from the annual cost-of-living adjustment (COLA), which is designed to keep up with inflation. Inflation remains high, driven by factors such as the U.S. invasion of Iran and the resulting closure of the Strait of Hormuz, which has caused global oil prices to soar.

Consequently, the national average gas price currently stands at $4.04, according to AAA. The SSA is expected to announce the COLA for 2027 in October, with early predictions suggesting a 3.3% increase, nearly double the 1.7% projection in the years preceding the Iran war. While these figures represent national averages, retirees living in high-cost areas like New York or San Francisco may experience inflation at a higher rate, potentially leaving them disadvantaged despite the COLA increase.