Will Your Social Security COLA Increase be Enough? - Motley Fool
The 2027 Cost of Living Adjustment (COLA) for Social Security was recently announced, and it will (as forecasted) be 3.6%. That means that whatever your current gross monthly SS is, starting in January 2027 you will be getting 3.6% more. But will that be enough of a raise?
Well, recent analysis reveals that about 44% of American seniors rely solely on their monthly Social Security income to make ends meet. And with the average Social Security payment pegged at $2,089, that translates to only an additional $72. Not a lot when you consider how prices for just about everything have risen recently. And to make matters even worse, Medicare Part B premiums, which are taken from each beneficiary's Social Security payment, are also going up next year (to about $209.50 per month, vs. $202.90/month this year). This Motley Fool article by Selena Maranjian explains.
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