As we said last Wednesday, the Social Security Administration recently announced its cost-of-living adjustment (COLA) for 2027:
“Today, we announced that monthly Social Security benefits and Supplemental Security Income payments for 76 million Americans will increase by 3.6 percent in 2027.”*
Each year’s COLA is determined by changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which is calculated by the Bureau of Labor Statistics. The SSA determines the adjustment by comparing CPI-W data from the third quarter of the previous year with data from the third quarter of the current year.
Starting in January 2027, the average retired worker is expected to receive roughly $75 more per month.** This represents the largest Social Security COLA increase in four years.** However, the actual increase will vary from person to person based on the amount of benefits they currently receive.
The Social Security Administration plans to distribute COLA notices during December to approximately 75 million Social Security and SSI beneficiaries. However:
“Individuals who create a my Social Security account can access their personal COLA online up to three weeks earlier than by mail if they sign up for digital notices by November 18, 2026.”*
You can prepare for the upcoming adjustment by creating a my Social Security account through SSA.gov. Once your identity is verified, the account lets you review estimates of your retirement benefits and see how much you may receive, depending on the age at which you claim benefits.
Creating an account is relatively simple and can be done at any time. There’s no need to wait until you’re close to retirement. You can establish one whether you expect to start benefits soon or are still years away from claiming Social Security.
As part of the verification process, you’ll need to provide an email address along with another method of authentication, such as a phone number or secondary email address. You’ll also be asked to enter personal information to confirm your identity. This may include your Social Security number, your full name exactly as it appears on your Social Security card, your date of birth, home address, and phone number.
Once your account has been established, it can serve as a convenient place to handle a variety of Social Security matters. In addition to reviewing and estimating benefits, you can use your account to monitor the status of a benefits application, request a replacement Social Security card when eligible, manage certain aspects of your benefits, and access other Social Security services.
*Source: SSA.gov
**Source: Yahoo Finance
This information was adapted from reporting by U.S. News & World Report and has been independently reviewed and updated using information from the U.S. Social Security Administration. Social Security rules, procedures, and contact information can change. For the most current information or guidance specific to your situation, visit the Social Security Administration’s official website or contact SSA directly.
Wilsave Financial is not affiliated with or endorsed by the Social Security Administration or any other government agency
Any comments regarding safe and secure products, and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Brookstone.