2027 Social Security COLA to be announced. What SC retirees should know
More than 74 million Americans await the official announcement of the yearly cost-of-living adjustment to Social Security payments on Wednesday, Oct. 14.
After months of speculation about what the 2027 COLA could be, the announcement is expected after the September inflation numbers are released on the morning of Oct. 14. Many experts say that inflation across the U.S. could affect how far that money will go for beneficiaries. In September, USA TODAY reported that U.S. consumer prices rose 0.4% from the month before in August, while gas prices rose 3.9% over the month.
These rising costs could greatly influence just how much Social Security recipients in South Carolina and across the U.S. could see. Here’s what to know about the latest COLA increase projections in South Carolina.
What does COLA mean?
COLA stands for cost-of-living adjustment. These automatic changes are made to Social Security and Supplemental Security Income benefits to keep the purchasing power of these payments constant as prices rise.
When will the 2027 Social Security COLA be announced?
The Social Security Administration is expected to announce the official 2027 COLA on Wednesday, Oct. 14.
What is the expected COLA increase for 2027?
Most recent estimates from AARP and The Senior Citizens League suggest the 2027 adjustment could be around 3.5% to 3.6%.
Independent Social Security analyst Mary Johnson estimated a 3.4% COLA, while advocacy group The Senior Citizens League projected a 3.6% increase. Other projections generally range from about 3.2% to 3.6%, depending on assumptions about inflation during the next two months.
“Could the COLA push higher to 3.6% given recent climbs in gasoline and utility prices?” Johnson said. “To achieve that, there would have to be a very stiff jump in inflation, a jump so high that there was only one other time in the past 26 years, in 2005, when month-to-month inflation from August to September was that high. Perhaps not very likely, but our world and the U.S. economy today are teaching us never say never.”
How much could Social Security checks increase in 2027?
The average monthly Social Security retirement benefit was about $2,086 as of July 2026.
Based on current projections, beneficiaries could see monthly increases larger than the increase received this year.
Using current estimates:
Actual benefit increases vary depending on each recipient’s curr
This article originally appeared on Greenville News: 2027 Social Security COLA to be announced. What SC retirees should know