WIREGRASS: Millions of Americans receiving Social Security benefits are getting a little more money each month, thanks to the annual cost-of-living adjustment, commonly known as COLA.
The Social Security Administration announced a 3.6% increase for 2027, and adding an average of about $75 a month to retirement benefits. The increase also applies to Social Security disability and survivor benefits, as well as Supplemental Security Income (SSI).
The amount of the increase depends on how much a person currently receives.
The adjustment is designed to help Social Security recipients keep up with rising costs for everyday necessities, including groceries, utilities, housing and other household expenses.
However, even with the increase, many retirees and people living on fixed incomes may find it difficult to stretch their monthly checks as prices continue to rise.
How is COLA determined?
The annual adjustment is based on inflation, using a government measure that tracks changes in the prices of goods and services. The goal is to help benefits maintain their purchasing power as the cost of living changes.
People who receive Social Security can check their benefit information through their personal my Social Security account at www.ssa.gov/myaccount.
For many families across the Wiregrass, every dollar matters. While the 2027 increase provides some additional income, budgeting carefully remains important as the cost of everyday living continues to affect household finances.
Social Security Administration
