ORLANDO, Fla. — Millions of Americans will receive larger Social Security payments next year under a new cost-of-living adjustment announced Wednesday.
The Social Security Administration said Social Security and Supplemental Security Income benefits will increase 3.6% in 2027.
The change will affect approximately 76 million Americans. Average Social Security retirement benefits are expected to increase by about $75 per month.
Nearly 72 million Social Security beneficiaries will receive the adjustment with payments beginning in January.
Approximately 7.3 million people receiving Supplemental Security Income will get their first increased payment on Dec. 31. Some recipients receive both Social Security and SSI benefits.
How to find your new payment amount
Most beneficiaries will be able to view their individual COLA notices online beginning in late November through the Message Center in their personal my Social Security account.
Recipients must create an account by Nov. 18 to access their COLA notice online. People who are not enrolled in paperless notices will receive information about their updated benefits by mail in December.
Social Security beneficiaries enrolled in Medicare will also be able to find their 2027 benefit amount through their online accounts. Information about Medicare changes for 2027 will be released separately.
Other Social Security changes for 2027
The maximum amount of annual earnings subject to Social Security taxes will increase from $184,500 to $192,300.
The earnings limit for workers younger than full retirement age will rise to $25,560. Social Security deducts $1 in benefits for every $2 earned above that amount.
For people reaching full retirement age in 2027, the earnings limit will rise to $67,920. Social Security deducts $1 for every $3 earned above that limit until the month the worker reaches full retirement age.
There is no earnings limit for workers who are at full retirement age or older for the entire year.
The annual cost-of-living adjustment is based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers, which is measured by the U.S. Bureau of Labor Statistics.
Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.