Social Security COLA Boost for 2027: How Much Extra Cash You Could Receive
The final numbers aren't out yet, but there's a pretty good idea of what's likely.
Social Security COLA Boost for 2027: How Much Extra Cash You Could Receive
Overview
Inflation is rampant. That matters, because most investors are also consumers who pay for things like food, gasoline, and electricity. Officially, the Bureau of Labor Statistics reports that May's prices for everything consumers spend money on were up an average of 4.2% year over year, rising at a pace not seen since May 2023, when price increases were slowing. Now, these rising costs could accelerate.
It's not necessarily all bad, though. Assuming nothing changes in the meantime, anyone receiving Social Security benefits payments now or in the near future should see a nice-sized increase in next year's payments.
Details
The Social Security Administration implements the annual cost-of-living adjustments -- or COLAs -- for its benefit payments, but it doesn't set them. By law, these yearly increases are based on the Bureau of Labor Statistics' measure of the nation's inflation...the same inflation data that just soared.
Source
Originally published at www.fool.com.
