Social Security Administration to Set 2027 COLA in October

The Social Security Administration will announce the official 2027 cost-of-living adjustment (COLA) on October 14. The agency determines this figure based on third-quarter inflation data, specifically following the release of September's Consumer Price Index for Urban Wage Earners and Clerical Workers.

Preliminary unofficial projections for the increase vary. The Senior Citizens League is calling for a 3.8% COLA, which would raise the average monthly benefit of $2,083 by roughly $79. Conversely, independent analyst Mary Johnson projects a 4.7% increase, which would result in a monthly boost of approximately $98.

The upcoming announcement will also include other 2027 program updates, including the new maximum monthly benefit and the earnings test limit. These adjustments follow a 2.8% COLA implemented this year, though reports indicate that the previous increase failed to keep pace with rising costs.