Social Security benefits to rise in 2027: What Americans need to know
Senior citizens and other social security beneficiaries will receive a boost in their monthly payments in 2027
The Social Security Administration announced on Wednesday that the Social Security cost-of-living adjustment will reportedly be 3.6% in 2027.
According to recent reports, the cost-of-living adjustment provides an inflation indexing to both Security and Supplemental Income benefits. The agency maintained that Social Security benefits will increase by $75 per month.
Social Security Commissioner Frank Bisignano said in a statement: “Social Security will implement this cost-of-living adjustment for 76 million Americans, giving them greater financial stability.”
According to SSA, around 72 million Social Security recipients will see benefit increases in January. The agency further clarified that about 7.3 million SSI beneficiaries will receive effective payments effective December 31.
On Wednesday, new government inflation data released reflects a spike in consumer prices. It has been observed that the consumer price index rose 3.7% over the past year.
A recent AARP survey showed that about 40% of Social Security beneficiaries aged 65 and older derive at least half of their earnings from the program. Furthermore, AARP CEO Myechia Minter-Jordan said in a statement that the Social Security COLA is critically important because it helps millions of Americans cover routine costs, groceries, and healthcare.
