Here’s When We Should Know the 2027 Social Security COLA
The Social Security Administration (SSA) is expected to announce the 2027 cost-of-living adjustment (COLA) on October 14. Data from the next two months is critical to that calculation.
In a blog post, SSA Commissioner Frank J. Bisignano said: “Social Security is a promise kept, and the annual cost-of-living adjustment is one way we are working to make sure benefits reflect today’s economic realities and continue to provide a foundation of security. The cost-of-living adjustment is a vital part of how Social Security delivers on its mission.”
The COLA was established to help offset inflation. According to a report by MySanAntonio.com, its main purpose is to ensure recipients can still afford a similar number of products and services, even when prices rise.
It is determined by comparing the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from July through September of the previous year to the same third-quarter period of the current year. If there is no increase, there is no COLA.
Early predictions are that seniors could see a 3.6 percent COLA, which would translate to approximately $75 more in benefits on average.
While every dollar matters, seniors would have better buying power if the SSA used the Consumer Price Index for the Elderly (CPI-E) in its calculations. This is a better reflection of the expenses older Americans face such as healthcare.
Support Our Effort
The Seniors Trust is calling on Congress to enact the Social Security Expansion Act and ensure a fairer COLA for retirees. One of its main points calls for adopting the CPI-E as the COLA calculator, better ensuring that Social Security benefits keep pace with inflation.
Additionally, this landmark piece of legislation will also extend the solvency of the Social Security trust fund through 2096, expand Social Security benefits by about $200 a month for current and new beneficiaries, require millionaires and billionaires to pay their fair share into Social Security by lifting the wage cap, and improve the Special Minimum Benefit for Social Security recipients which would help low-income workers stay out of poverty.
Is this something you can get on board with? Join us in urging lawmakers to enact the Social Security Expansion Act. You can show your support by signing our petition.
