Social Security’s 2027 COLA could be largest since 2023: Will it help retirees?

The 2027 COLA for Social Security could potentially be the largest increase since 2023. Based on current projections, if the COLA were announced today, the average monthly benefit for retirees would increase by $69.75. This adjustment would raise the average monthly payment from $1,937 to $2,007. This potential rise aims to assist retirees in maintaining their purchasing power, marking a significant shift in benefit levels compared to recent years for Social Security recipients.