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Social Security changes this fall: COLA and others - The Globe and Mail
Of course, the most anticipated Social Security change everyone looks for in October of each year is the Cost of Living Adjustment (COLA) for the forthcoming year. And the 2027 COLA will be announce by SSA on October 14th. However, don’t lose sight of a few other important changes to Social Security, specifically a new “taxable maximum,” an increase to the maximum Social Security benefit, and how much you must make to earn each Social Security “quarter credit.” The “taxable maximum” is the cap at which payroll taxes are no longer withheld from your paycheck; the maximum SS benefit is the most one person can have in monthly SS retirement benefits; and how much you must earn for each Social Security “quarter credit” toward SS eligibility will be going up. All of this is discussed in this informative Motley Fool article published at The Globe and Mail.
Social Security is a complex topic. If you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security or enrollment in Medicare, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of these programs. All questions are answered quickly, at no charge. Learn more about it here…