WASHINGTON (TNND) — Social Security will see some changes for 2027, leaving many to wonder about the cost-of-living adjustment (COLA) benefits for the next year and whether the full retirement age, which is used to determine the amount of monthly Social Security checks, will stay the same. The changes won’t be officially released until October 14.
Here’s some important information to know:
Cost-of-living adjustment (COLA) benefit will increase in 2027
A 3.5% Social Security cost-of-living adjustment for 2027 is expected, which is calculated based on current inflation trends. AARP estimates the increase would add up to an extra $73 a month, on average, for retirees.
However, nothing is official until after the release of the Consumer Price Index report.
The Social Security Administration (SSA) shares that Social Security and Supplemental Security Income benefits for 75 million Americans increased by 2.8% in 2026 and 2.5% in 2025. The cost-of-living adjustment has averaged 3.1% over the past few decades.
Will the ‘full retirement age’ increase?
Americans and retirees are allowed to start receiving Social Security retirement benefits from as early as age 62; though, they are entitled to full benefits only when they reach “full retirement age.”
If you start receiving benefits early, your benefits are reduced by a small percentage for each month before you reach the full retirement age, which is 67 for people attaining age 62 in 2026, according to SSA’s website.