If you’re hoping for a significant increase in your 2027 Social Security check, it might be wise to revise your expectations.
The official Social Security cost-of-living adjustment (COLA) for 2027 depends on inflation data from July, August and September, with the final figure expected to be announced in October. However, current forecasts suggest the 2027 COLA is likely to be between 3.5% and 3.7%.
Given that 2026’s COLA was 2.8%, that sounds like good news. And it is. Just perhaps not as much as those affected might like.
So what would that mean for your check?
Let’s say you receive a Social Security check of $2,000 per month. A 3.5% increase works out at $2,070, an extra $70, while a 3.7% increase would give you $74 more, bringing your monthly check to $2,074.
Not a huge increase in the grand scheme of things, particularly when you consider the Senior Citizens League’s estimate that the average senior’s monthly cost of living is around $2,700.
“It doesn’t necessarily improve their financial situation,” Stephanie Ford, senior vice president at Wealth Enhancement Group, told CNBC Select. “It’s more of an offset, especially when you consider that healthcare and housing costs are rising faster than the COLA itself.”
Of course, we must wait to see what the final figure will be, but current forecasts don’t point to an increase that will suddenly transform Social Security checks across the country.
The COLA is primarily designed to help retirees maintain their purchasing power as prices rise. What it won’t do is dramatically change their financial situation.
Related stories
Get closer to the game! Whether you like your soccer of the European variety or that on this side of the pond, our AS USA app has it all. Dive into live coverage, expert insights, breaking news, exclusive videos, and more. Plus, stay updated on NFL, NBA and all other big sports stories as well as the latest in current affairs and entertainment. Download now for all-access coverage, right at your fingertips – anytime, anywhere.
And there’s more: check out our TikTok and Instagram reels for bite-sized visual takes on all the biggest soccer news and insights.
