Ten States Where Retirees Will Get the Biggest COLA Increase
We are about a week away from finding out what the 2027 Social Security cost-of-living adjustment (COLA) will be.
The COLA is determined by taking the average yearly change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for July, August, and September. The official announcement for next year’s COLA will be on Oct. 14.
According to an article by Yahoo! Finance, no matter what the COLA will be, retirees in some states will fare better than others. That’s because higher average wages translate to higher benefit levels for retirees.
Citing a report by The Motley Fool, “Retirees who live in the 10 states with the highest median Social Security benefits will see the largest pay increase next year, regardless of what the official 2027 COLA turns out to be.”
The 10 states where retirees will get the biggest boost from the 2027 COLA are New Jersey, Connecticut, Delaware, New Hampshire, Maryland, Washington, Michigan, Minnesota, Massachusetts and Utah.
The Seniors Trust is committed to improving the financial well-being of older Americans by passing the Social Security Expansion Act. It will give retirees an immediate increase of about $200 a month in benefits, a fair annual COLA, increased minimum benefits, and ensure the long-term solvency of the Social Security program.
