Social Security to raise benefits by about $75 a month with 3.6% COLA for 2027

The Social Security Administration projected a 3.6% cost-of-living adjustment effective 2027, translating to about $75 more per month for beneficiaries. Payroll-tax revenue will support the hike, and the maximum wage subject to the tax will rise to $192,300 in 2027 from $184,500 in 2026. Commissioner Frank Bisignano said the change will provide beneficiaries with greater financial stability.

Senior-advocacy leaders such as Nancy Altman of Social Security Works and AARP executive Myechia Minter-Jordan warned that the increase does not keep pace with the 3.7% year-over-year consumer-price rise and will not offset upcoming Medicare Part D premium changes. Individual retirees like Lorrie Ufkin of Rochester, Minnesota, and Jaime Jakubczak of Buffalo, New York, described the adjustment as insufficient given rising health-care and property-tax costs. Lawmakers have also floated proposals to eliminate the payroll-tax cap, a move projected by the Peterson Foundation to add trillions to the program over the next decade.