<\/p>\n
It looks like retirees are going to be getting bigger Social Security checks next year.<\/p>\n
A new report shows that the Social Security Cost of Living Adjustment (COLA) could be nearly 4% in 2027 \u2014 much higher than the bump seniors saw this year and a big increase from what experts forecasted earlier this year.<\/p>\n
It\u2019s good news for seniors, but is it enough to help them stand up to inflation, rising Medicare premiums, and other economic challenges? That\u2019s another story.<\/p>\n
Social Security payments should get a decent-sized bump in 2027<\/p>\n
The Senior Citizens League (TSCL) is now predicting a 3.9% COLA increase for 2027, up from the 2.8% bump seen this year.\u00a0<\/p>\n
The increase should bring the average Social Security check up to $2,162.33 per month. That\u2019s an increase of just over $81 compared to current averages.<\/p>\n
The new forecast is a sharp jump compared to TSCL\u2019s earlier predictions, which saw the COLA adjustment holding steady at 2.8%. The group will continue updating its COLA predictions monthly throughout the year. The official COLA adjustment will be announced in October by the Social Security Administration.<\/p>\n
Social Security checks will likely rise next year, but it may not be enough to help seniors overcome today’s economic hurdles.<\/p>\n
Photo by Curly_photo on Getty Images<\/p>\n
Social Security benefits may rise, but probably not enough for most seniors<\/p>\n
If it comes true, the larger-than-normal increase will be good news, for sure, but it may not be enough to help seniors take the edge off today\u2019s economic challenges. For one, inflation is already at 3.8%, so if it rises much further, that 3.9% COLA bump won\u2019t even keep pace.<\/p>\n
\u201cMany seniors are telling us the same thing: As inflation picks back up, life still does not feel affordable,\u201d says Shannon Benton, executive director at TSCL.<\/p>\n
More Retirement:<\/p>\n
Bank of America spotlights 401(k) tips you overlook\u00a0Tennessee tax perks retirees should knowKey social security updates you need to know for the rest of 2026<\/p>\n
The COLA increases also won\u2019t help those who are on Medicare much. Medicare premiums have also been steadily rising over the last five years, and according to the most recent Medicare Trustees Report, Part B premiums will likely see an 8.8% jump (annually) through 2030. Part D premiums will increase 7.1% per year.\u00a0<\/p>\n
\u201cHealthcare remains one of the biggest financial pressures facing seniors,\u201d the TSCL said in a press release. \u201cEven modest increases in Medicare premiums, prescription drug costs, or insurance expenses can significantly reduce the real value of annual COLA increases.\u201d<\/p>\n
All in all, Social Security benefits have lost 13.7% of their buying power over the last decade, according to TSCL analyses.<\/p>\n
Related: Bank of America sees writing on the wall for Strait, oil prices<\/p>\n
#Seniors #huge #news #Social #Security #payments<\/p>\n","protected":false},"excerpt":{"rendered":"
It looks like retirees are going to be getting bigger Social Security checks next year….<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[259],"tags":[2065,1087,2882,582,12689,809],"_links":{"self":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/6879"}],"collection":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6879"}],"version-history":[{"count":0,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/6879\/revisions"}],"wp:attachment":[{"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}