Social Security’s 2027 COLA: Retirees in These 10 States Will Get the Largest Raise Next Year
Social Security benefits and COLAs are indirectly influenced by the state of residence.
Overview
The Social Security program undergoes several important changes each year, but the most anticipated is the cost-of-living adjustment (COLA). Annual COLAs protect the purchasing power of benefits by ensuring they increase at the same pace as inflation.
The Senior Citizens League (TSCL) estimates that benefits will increase 3.5% next year. But the Social Security Administration will not announce the official COLA until Oct. 14, shortly after the Labor Department releases September inflation data.
Details
All Social Security payments will increase by the same percentage next year, but the extra income will vary widely when measured in dollars. Read on to see the 10 states in which retired workers will receive the largest COLAs in 2027.
Source
Originally published at www.fool.com.