Social Security recipients to get 3.6% cost of living boost, an average of $75 per month
The Social Security Administration announced on Wednesday that older adults and people with disabilities will receive a 3.6% cost-of-living adjustment, beginning in 2027. This adjustment will provide an average of $75 extra per month for the 73 million people receiving monthly Social Security benefits and nearly 7.5 million beneficiaries of Supplemental Security Income.
The increase stems from the fact that the payroll tax, which funds Social Security, is set to increase to $192,300 in 2027 from $184,500 in 2026. Social Security Commissioner Frank Bisignano stated that the COLA will provide recipients with "greater financial stability." However, many older adults feel the increase is insufficient as inflation has eroded their monthly savings.
AARP CEO Dr. Myechia Minter-Jordan emphasized the importance of Social Security's cost-of-living adjustment in a time when one in five older Americans have no retirement savings, and more people report feeling financially insecure.
Written by urgent.news from Winnipeg Free Press's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
