Millions of Social Security recipients will now know how much their checks will be in 2027 after new government data was released on Friday.
The Social Security Administration announced that Social Security recipients will get a 3.6% bump in checks in 2027, which represents a $75 increase for the average retiree.
The announcement following the release of the monthly Consumer Price Index report. The Social Security Administration bases its cost-of-living adjustment on the Consumer Price Index for Urban Wage Earners and Clerical Workers, which the Bureau of Labor Statistics releases monthly.
The consumer price index weighs the costs of goods based on their importance. Items like food, shelter and energy typically carry heavier weight.
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“Social Security will implement this cost-of-living adjustment for 76 million Americans, giving them greater financial stability,” said Commissioner Frank J. Bisignano. “Under President Donald J. Trump, Social Security is delivering better, faster, higher-quality service for the American people."
Last year’s cost-of-living adjustment was 2.8%, which closely matched the 2.9% increase in consumer goods and services. About 72 million Social Security beneficiaries are scheduled to receive a cost-of-living adjustment starting in January. Nearly 7.3 million people receiving Supplemental Security Income will get the adjustment starting Dec. 31.
For the 12-month period ending in September, the consumer price index showed a 3.7% increase in prices.
Recipients should get a letter in December notifying them of their new benefit amount.
