RESOLVING THE LEDGER
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We're only three months away from October, the month when Social Security cost-of-living adjustments (COLAs) for the following year are normally announced. Based on the rate of inflation, the Senior Citizens League predicts that Social Security's 2027 COLA will be 3.9%.
Every retiree, disabled worker, and survivor who receives benefits will see the same percentage increase, even though the dollar amount varies by the size of one's current benefit. For example, if you currently receive a monthly benefit payment of $2,000, a 3.9% COLA increase would boost that amount to $2,078.
While any increase is nice, it's important to remember that $2,078 is before taxes (if you owe taxes on benefits due to your combined annual income).
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