Every year since 1975 the Social Security Administration has been applying an automatic cost-of-living adjustment (COLA) increase to benefits. This annual boost to Social Security checks is meant to keep the monthly payments apace with inflation.
The most recent data from the U.S. government showed that inflation cooled slightly in July, but it is still over three percent, where it has been since March. The spike in inflation, peaking at 4.2% in May, coincided with the start of Trump’s war with Iran and rising energy prices which has been putting an added strain on pocketbooks across the nation.
So people dependent on Social Security payments are eagerly awaiting the SSA’s 2027 COLA announcement.
Mark your calendar for the official 2027 Social Security COLA announcement
The SSA determines the annual COLA increase based on U.S. inflation data from the third quarter (July, August, and September) of the present year compared to the same period the year before. The Bureau of Labor Statistics will release September’s Consumer Price Index data on 14 October at 8:30 a.m. eastern time.
Typically, the SSA announces the annual COLA shortly after September’s CPI data is made public. We’ll post the data on our site when it becomes available.
Forecast for how big the will the 2027 COLA will be
The Senior Citizens’ League, a major nonpartisan advocacy group for seniors, tracks inflation on a monthly basis making predictions for what the annual Social Security benefit increase will be. According to its latest projection, the COLA for 2027 will be 3.6% based on inflation data from July. This is higher than the 2.8% increase that was applied to this year’s benefits, but well-below the 8.7% COLA for 2023.
An update can be expected after the BLS releases August’s CPI data on 11 September. The Federal Reserve Bank of Cleveland inflation nowcasting model has inflation holding fairly steady around 3.37% while prediction markets are betting that it will be a little lower, somewhere above 3.2% or 3.3%.
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