Social Security benefit changes in 2027: Update on what to expect for next year’s checks, COLA, and more
Social Security is making some changes in 2027. Although those changes won’t be officially released until October 14, many people are already wondering what the cost-of-living adjustment (COLA) benefits will be for the coming year, and if the full retirement age —which determines the amount of monthly Social Security checks—will remain the same. Here’s what to know. Cost-of-living adjustment…
In 2027, Social Security is set to implement several changes affecting retirees. According to projections by AARP, the cost-of-living adjustment (COLA) for 2027 is expected to be 3.5%, adding an average of $73 per month to retirees' monthly checks. This projection is based on current inflation trends and will be officially announced on October 14, following the release of the Consumer Price Index report.
In contrast, Social Security and Supplemental Security Income benefits for 75 million Americans saw increases of 2.8% in 2026 and 2.5% in 2025, according to the Social Security Administration (SSA). Over the past decade, the cost-of-living adjustment has averaged 3.1%. Concerning the "full retirement age," currently set at 67 for individuals turning 62 in 2026, there are no plans to increase it further under current law, according to Geoffrey Schmidt, a certified public accountant.
The full retirement age remains unchanged, and benefits can be claimed early at 62, with reduced amounts until reaching the full retirement age, after which benefits increase until age 70. However, Social Security trustees have warned that the system may run out of funds and become insolvent as early as the fourth quarter of 2032.
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