Social Security's Trump Bump-Fueled 2027 COLA Is Set to Make History 2 Different Ways
A projected well-above-average Social Security raise in 2027 should lead to some unique situations for beneficiaries.
Overview
For most retirees, Social Security provides more than just a monthly paycheck. According to a quarter-century of annual surveys by national pollster Gallup, Social Security income is, in some capacity, necessary for between 80% and 90% of retirees to make ends meet.
For the program's nearly 55 million retired-worker beneficiaries, there's arguably no announcement that's more anticipated than the annual cost-of-living adjustment (COLA) reveal on Oct. 14. Social Security's COLA is the near-annual "raise" given to beneficiaries to combat the effects of inflation (i.e., rising prices).
Details
Although beneficiaries have received a raise in all but three years since 1975 (2010, 2011, and 2016), the projected payout increase for 2027 is set to make history in two different ways. The catalyst fueling these history-making moments is a COLA-driven "Trump bump," courtesy of President Donald Trump.
Source
Originally published at www.fool.com.