Social Security's Historic 2027 COLA Just Disappeared, but the Program's First Silver Lining Since 2023 Remains on Track
Resetting Social Security's projected raise next year is only part of the story.
Overview
Making history is something America's leading retirement program, Social Security, does often. Last year marked the program's 90th anniversary since being signed into law, as well as the first time the average monthly retired-worker benefit surpassed $2,000.
Based on monthly inflation reports through May, it appeared as if Social Security's 2027 cost-of-living adjustment (COLA) would be historic. Social Security's COLA is essentially the annual "raise" given to beneficiaries to offset the effects of inflation (i.e., rising prices).
Details
However, the June inflation update completely shifted the trajectory of next year's COLA. Nevertheless, a consolation prize that hasn't occurred since 2023 is still on track for select seniors in 2027.
Source
Originally published at www.fool.com.
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