What is the average Social Security check? And how much could it go up in 2027?
The average monthly Social Security benefit for retired workers topped $2,000 this year. Beneficiaries will know in a few weeks how much more money they will get in 2027.
The Social Security Administration will announce the 2027 cost of living adjustment on Oct. 14. The announcement follows the Bureau of Labor Statistics release of September’s Consumer Price Index, or CPI – the last piece needed to determine the average yearly change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Social Security’s COLA is determined by comparing the average CPI-W for July, August and September of the current year to the same three months the prior year.
Currently, the average Social Security benefit is $2,086 a month, or roughly $25,000 per year. The highest average payments are in New Jersey ($2,256), Connecticut ($2,249) and Delaware ($2,225).
The latest forecast from the advocacy group The Senior Citizen League puts 2027’s COLA at 3.5%, the highest level in four years. That figure is down 0.1 percentage points from the previous TSCL prediction but well above the 2.8% COLA for 2026 and the 2.5% adjustment in 2025. If the prediction holds, the average monthly benefit would rise $73, to $2,159.
READ MORE: Some couples face massive $16,900 cuts if Social Security trust funds run out of money
What determines the amount of Social Security benefits?
The amount of someone’s monthly Social Security check is based on earnings history, the age they retire and when they start drawing benefits. The Social Security Administration says there is “no simple maximum amount that covers everyone receiving retirement benefits,” because payments are based on earnings history, retirement age and when benefits begin.
READ MORE: Social Security 2027 COLA: How much will benefits go up each month? Probably not enough
To calculate your monthly benefit, the Social Security Administration takes your 35 highest-earning years and then adjusts for inflation. Higher lifetime earnings mean you receive higher Social Security benefits.
Birth year determines at what age you reach “Full Retirement Age” and can claim full benefits. For people born after 1960, the full retirement age is currently 67.”
The earliest you can start claiming benefits is age 62 but doing so will net you less money (benefits are reduced by one-half of 1% for each month claimed before reaching full retirement age.) Waiting until age 70 earns beneficiaries an increase of about 8%.