Social Security Faces 3 Historic Milestones With Its 2027 COLA
Recipients will likely appreciate the nice boost, but at what cost?
Overview
It would be hard to argue against the Social Security program being one of the U.S.'s premier and most-needed social programs. As of the end of June, over 54.6 million people were receiving Social Security retired workers' benefits, and millions of them would be flirting with poverty without them.
The Social Security program is complex with many different working parts, and many of those parts tend to change frequently. Some changes are unwelcome, but other changes are typically embraced by retirees. A change that falls into the latter category is the annual cost-of-living adjustment (COLA).
Details
The Social Security Administration (SSA) won't release the official 2027 COLA until Oct. 14, but early estimates from select organizations have been released. If the COLA is near the current estimates, it'll check off a few historic milestones.
Source
Originally published at www.fool.com.