Here's How Much the Average Social Security Benefit Is Expected to Grow Based on Current Estimates
It would be a larger-than-normal boost.
Overview
To help keep up with inflation, Social Security provides a cost-of-living adjustment (COLA) that kicks in at the start of each year. It doesn't always keep up with real-world price increases, but it helps protect some of seniors' purchasing power.
This year, the official COLA will be announced on Oct. 14, but with inflation data rolling in, organizations are refining their estimates. Senior advocacy group The Senior Citizens League (TSCL) currently predicts a 3.5% COLA.
Details
As of August, the average Social Security benefit for retired workers was $2,087.52. If the 2027 COLA is 3.5%, the average benefit would increase by $73.06 to $2,160.58. The average benefit will fluctuate as retirees pass away and others enter the Social Security program, but as it stands, someone receiving the average benefit can expect a roughly $73 monthly boost, or $877 for the year.
Source
Originally published at www.fool.com.