Social Security Benefits Could See a 3.5% COLA Boost in 2027
This coming January's cost-of-living adjustment is already two-thirds determined, with a pretty good idea of what that last one-third will be.
Overview
The picture of the coming year's increase in Social Security payments is getting clearer. Assuming nothing changes this month, the cost-of-living adjustment (or COLA) beginning in January should be on the order of a 3.5% increase in the size of recipients' current payments. That should raise the average retired worker's monthly benefit of $2,071 right now to somewhere around $2,143.
These numbers weren't randomly pulled out of a hat.
Details
Social Security's annual COLA isn't discretionary or arbitrary. It's the law. Due to a couple of different acts approved by Congress since 1972, today, the entitlement program is required to match any annualized changes to the Bureau of Labor Statistics' measure of the nation's urban wage earners and clerical workers' cost of living, or CPI-W.
Source
Originally published at www.fool.com.