The average Social Security benefit is the highest it's ever been, but for most people, it's far less than their monthly retirement expenses. The typical retired worker only gets $2,076 per month, as of February 2026.
The good news, that amount isn't locked in forever. It will increase again with the 2027 cost-of-living adjustment (COLA), to be announced in October. Judging by recent third-party projections, it could be a little higher than initially anticipated. Yet many seniors still won't be thrilled about the latest estimates.
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The 2027 Social Security COLA estimate is 2.8%
Benefits increased by 2.8% in 2026, and the latest projection from The Senior Citizens League (TSCL), a nonpartisan senior group, suggests the 2027 COLA is likely to be about the same. This is unchanged from its February 2026 prediction and up slightly from its 2.5% estimate in January.
A 2.8% increase would bring the current $2,076 average monthly benefit to $2,134 per month -- a $58 increase. In reality, the 2027 average benefit will likely be higher because this metric rises slightly over time as new beneficiaries with higher average incomes apply for checks.
While more money is great, a $58 increase won't be life-changing for most seniors on Social Security. It may not even be enough to cover the increased living costs you face as a result of inflation.
Of course, it's still early. The Social Security Administration won't announce the 2027 COLA until mid-October. There's a chance it could come in higher than current estimates. However, COLAs are tied to inflation, so an increase usually means the cost of goods is rising quickly.
How seniors can prepare for the 2027 COLA
Keep an eye on COLA projections as we get closer to the official announcement date on Oct. 14, 2026. The projections tend to get more accurate as the announcement date nears, so you should be able to get an increasingly good idea of where the COLA will end up.
When the government announces the official COLA, you can add that percentage to your existing Social Security benefit to get a rough idea of how much you'll earn from the program in 2027. Once you know that, you can begin crafting a retirement budget for next year.
The government will also send you a personalized COLA notice in December, giving your exact benefit amount for 2027. This should also contain details on how much the government will withhold from your checks for Medicare premiums, so you'll be able to accurately predict how much money you'll have left for other costs.
