3 Things All Social Security Beneficiaries Should Do Now That the 2027 COLA Has Been Announced
Take advantage of the last few weeks of 2026 to set yourself up for a strong start next year.
Three crucial actions for Social Security beneficiaries to consider following the 2027 COLA announcement:
Firstly, factor the 3.6% increase into your current Social Security income. For instance, if the average monthly benefit is $2,088, the COLA would add $75. This provides an estimate of your potential earnings in 2027.
Secondly, be aware of the impact on Medicare Part B premiums. While benefits rise, these premiums may partially offset the gains. Review your personalized COLA notice from the Social Security Administration in early December to understand the exact figure.
Last, assess your personal finances and expenses. Subtract the anticipated 2027 benefit from your average monthly costs. This will reveal how much you must cover independently. Depending on your savings or employment options, you may need to adjust your retirement strategy in January. Monitor the results and adapt as needed throughout the year.
Written by urgent.news from Motley Fool's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
