Florida Social Security COLA: How much more you could get in 2027
On Wednesday, Oct. 14, about 5.3 million Floridians who receive Social Security benefits will find out how much more money they’ll have to cover shopping and bills next year. So far, experts predict that recipients may see about $73 more per month for the average benefit.
Every year in October, the Social Security Administration (SSA) announces the cost-of-living adjustment (COLA) for the next year, based on September’s inflation data. For 2027, it’s expected to be around 3.5%, according to the latest estimates from The Senior Citizens League (TSCL), although it could be slightly higher or lower when the final inflation numbers come in.
The SSA is also expected to increase the amount of income a Social Security recipient may earn without being penalized, and the amount Americans will have to earn before their Social Security payroll taxes are capped.
Here’s what to know ahead of tomorrow’s announcement.
When will the 2027 Social Security COLA be announced?
The SSA will announce next year’s COLA the morning of Wednesday, Oct. 14, 2026.
What is a Social Security COLA?
Every year, the SSA determines a cost-of-living adjustment to bump up Social Security and Supplemental Security Income (SSI) benefits for the following year. The agency bases the increase on the annual Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which tracks spending habits and the latest prices on food, gas, and other necessities.
That COLA is intended to help recipients living on a fixed income keep up with inflation, like a yearly “raise.”
How much will the 2027 Social Security COLA be?
That depends on last month’s inflation numbers. If the increase is 3.5%, as expected, you could see about $73 more per month, based on the average monthly benefit of $2,088 as of August 2026. If you receive more or less than the average, your increase would change accordingly.
If so, that’s lower than the 3.7% increase experts predicted back in June, but it’s still the largest increase since 2022, when COLA was 8.7%, SSA data shows. That was when inflation during the COVID pandemic reached the highest level in 40 years.
The COLA has averaged about a 3.1% increase over the last decade.
However, that extra money may not go as far as you might like. A 3.5% raise would be barely more than the latest rate of inflation, which was 3.4% for the 12 months ending in August 2026, according to the U.S. Bureau of Labor Statistics.
The COLA is also based on rises in the Consumer Price Index’s CPI-W, which doesn’t include prices for shelter and medical care services, and those prices — which disproportionately affect the people most likely to receive Social Security — have been rising fast. Some of that extra cash may go toward higher Medicare premiums before you see it.
How much are Medicare Part B premiums going up?
According to an estimate in the 2026 Medicare Trustees report, the base Medicare Part B premium, or amount paid by individuals with incomes below $109,000 and joint filers with incomes below $218,000, is expected to increase from $202.90 this year to $209.50 in 2027, a 3.3% increase.
Medicare Part B covers both medically necessary services and preventive services, as well as ambulance services, clinical research, durable medical equipment such as insulin pumps, a limited number of outpatient prescription drugs. mental health and substance use disorders, and oxygen equipment and accessories.
The SSA automatically deducts the Part B premium cost from the Social Security benefits of most Medicare recipients.
While that will mean less of your COLA for other bills, at least it’s a lower price hike than the 10% spike you saw this year. The actual increase won’t be announced until later this month or November.
Are Medicare Part D premiums going up?
Medicare Part D premiums, which are sold through private insurance companies, are also expected to go up.
According to the latest Trustees Report, the Part D base premium is projected to reach $41.33 per month in 2027. The standard Part D deductible will increase to $700 in 2027, up from $615 in 2026.
However, out-of-pocket prescription caps will rise to $2,400, up from $2,100 this year.
When will I know how much my 2026 Social Security benefits will be?
Recipients should begin receiving notifications by mail starting in early December detailing their new benefit amount.
If you have a personal my Social Security account, you can view the notice online when it’s ready.
What other changes are coming to Social Security in 2027?
If you continue to earn an income while receiving Social Security benefits, any money you make over a certain limit results in benefits being withheld.
-
If you will not reach full retirement age this year, every $1 you make over $24,480 means $2 withheld
-
If you reach full retirement age this year, the threshold is $65,160, and for every dollar you make over that, $3 is withheld
In 2027, those thresholds are expected to increase to $25,500 and $67,200, respectively, according to the Social Security Board of Trustees, although final numbers won’t be announced until Wednesday. Once you reach full retirement age, there are no earnings limits, and any benefits that were withheld will be gradually repaid.
Your full retirement age is currently 67 if you were born in 1960 or later, and lower if you were born before that.
Social Security maximum taxable earnings limit to increase in 2027
Social Security is funded through your payroll taxes, but not all of them. Once you reach $184,500, any income you earn over that is not taxed for Social Security.
The Social Security Board of Trustees estimates the taxable maximum will be increased to $190,200 in 2027, to stay in line with the nation’s average wage. Again, the final figures will be announced on Oct. 14.
How many Floridians receive Social Security?
About 75.9 million Americans receive either Social Security, Supplemental Security Income (SSI), or both, as of August 2026, according to SSA data.
As of December 2025, 5,294,001 people in Florida received Social Security benefits, according to a Congressional report. It broke down to:
-
Retired workers: 4,191,491
-
Disabled workers: 462,756
-
Widow(er)s and parents: 260,003
-
Spouses: 145,263
-
Children: 234,488
C. A. Bridges is a journalist for the USA TODAY Network-Florida’s service journalism Connect team. You can get all of Florida’s best content directly in your inbox each weekday by signing up for the free newsletter, Florida TODAY.
This article originally appeared on The Daytona Beach News-Journal: Florida Social Security COLA: How much more you could get in 2027
Our editors independently choose our recommendations. Some content is produced with paid support from a third party, however our editorial decisions remain independent. If you buy through our links, the USA TODAY Network may earn a commission. Prices and availability may change.