Social Security COLA Estimate Rises to 3.2% for 2027 Amid Inflation

AI Summary

The Social Security cost-of-living adjustment (COLA) for 2027 could increase to 3.2% due to rising inflation and gasoline prices, according to analyst Mary Johnson. This estimate is an increase from a prior forecast of 1.7%. Approximately 75 million beneficiaries received a 2.8% COLA increase in 2026, translating to an average retirement benefit boost of $56 per month. In the past decade, the average COLA has been 3.1%, with notable increases of 5.9% in 2022 and 8.7% in 2023, indicating significant adjustments in response to inflationary pressures.