SC retirees could see highest Social Security COLA increase in years

South Carolina retirees are expected to see one of the highest cost-of-living adjustments for Social Security in the last three years.

Projections for the 2027 COLA made to Social Security payments is projected to be higher than it has been in several years – the COLA increase has not risen above 3% since 2023.

In total, roughly 74.09 million U.S. residents were receiving Social Security benefits as of May 2025.

However, 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.

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.

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.

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 current monthly payment.

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 was the Social Security COLA increase for 2026?

Social Security and SSI benefits for 75 million Americans increased by 2.8% in 2026.

What are the COLA increases for the last five years?

If most recent projections for the 2027 COLA increase hold, it would be a larger increase than beneficiaries received for 2026 and the biggest annual adjustment since at least 2023. According to the Social Security Administration, the past five years of COLA increases have been:

• 2022 – 8.7%

• 2023 – 3.2%

• 2024 – 2.5%

• 2025 – 2.8%

• 2026 – 2.8%

What is the average Social Security payment?

The average monthly Social Security benefit for all beneficiaries was $1,931.05 in March 2026, according to SSA data.

How many people in the U.S. receive Social Security benefits?

Across the nation, 74,090,000 people were receiving Social Security benefits as of May 2025. This includes 57,164,000 eligible due to their age and 16,927,000 eligible due to blindness, another disability or other reasons.

Iris Seaton is the trending news reporter for the Asheville Citizen Times, part of the USA TODAY Network. Reach her at iseaton@citizentimes.com.

This article originally appeared on Greenville News: SC retirees could see highest Social Security COLA increase in years