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The 2027 cost-of-living adjustment (COLA) could push Social Security benefits to a record high for married seniors.
Per the Senior Citizens League, the projected COLA for 2027 is 3.6%, 0.8 percentage points higher than this year’s 2.8% and a figure that would raise the average retirement benefit to $2,161 a month. In turn, it’ll increase the spousal benefit to $1,080.
Not too shabby for retirees.
Roughly 2 million people receive spousal benefits, which average $986 a month, and the 2027 cost-of-living adjustment could push that figure beyond the $1,000 a month mark.
As COLA is a percentage of the current benefit amount, the exact increase hinges on how much one already receives.
In kind and in cash, a $600 monthly benefit would increase by about $22, while a $1,500 monthly benefit would increase by about $54.
On October 14, once final inflation numbers are available, Social Security will announce the official 2027 COLA. Experts say the current estimate of 3.6% could fluctuate depending on what August and September data reveal.
Regardless, the projected increase would offer seniors who live on Social Security a much-needed boost as gas, groceries, and energy prices remain high.
Recipients will get their personalized benefit notice in December, which will include the amount they are scheduled to receive beginning January 2027.
Those with a my Social Security account may be able to see the notice online before the paper copy arrives; the notice will account for Medicare deductions so recipients can see precisely how much their monthly payment will be.
For those unaware, spousal benefits are accessible to those who do not have enough work credits to qualify for Social Security independently but who may be eligible through a spouse or ex-spouse.
Some spousal recipients also qualify for their own Social Security payments but choose the spousal benefits because they are higher.
Divorced folks can qualify for a spousal benefit if the marriage lasted at least ten years.
The exact amount of a spousal benefit is dependent on the primary spouse’s work record.
The maximum percentage a spouse can receive is 50% of what their partner or former partner earned at their full retirement age, a figure known as their primary insurance amount.
However, claiming Social Security benefits before your full retirement age reduces the monthly amount received and is permanent, leaving the spouse with a reduced check for the entirety of their retirement.
Retirees could soon see an even bigger bump after Congress reintroduced the Social Security 2100 Act, a bill that would make more changes to Social Security, including a higher minimum benefit and a new inflation measure for calculations.
If passed, the bill would raise benefits by 2%, set the new minimum benefit to 125% of the Federal poverty line, and switch the COLA calculation to the CPI for the Elderly (CPI-E).
Additionally, the bill would increase the Social Security payroll tax and expand it to cover income over $400,000, securing its trust fund for an additional 32 years.
A problem plaguing lawmakers, as Social Security funds are projected to run out in late 2032.
