You signed up for Social Security this year, and you're already feeling the pinch from rising inflation. Your checks may not go as far as you expected, forcing you to fall back on your personal savings or a job to cover the rest.
The 2027 Social Security cost-of-living adjustment (COLA) coming your way in January may make your life a bit easier. But even though it's expected to be an above-average boost, it probably won't help you get ahead. Here's a look at what the latest COLA projections say about the average 62-year-old's impending benefit bump.
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The latest Social Security COLA estimate is 3.9%
The Social Security Administration won't officially announce the 2027 COLA until mid-October. That's when it gets the final piece of inflation data it needs to complete the calculation. With gas prices spiking and many concerned about what living costs might do over the coming months, it's looking increasingly likely that the COLA will come in higher than the 2.8% boost seniors saw this year.
The Senior Citizens League (TSCL), a nonpartisan senior group, recently updated its 2027 COLA prediction from 2.8% to 3.9% to reflect this. A 3.9% COLA would add roughly $81 to the average retirement benefit as of April 2026. But this paints a misleading picture for 62-year-old claimers, who often receive smaller checks.
The average 62-year-old received a benefit of about $1,342 per month as of December 2024. If we add the 2.8% 2026 COLA to this, the average rises to about $1,380 per month.
A 3.9% COLA would increase this benefit to $1,434 per month -- a $54 increase. However, this is only an average. Some 62-year-old claimers would get more than this, while others would get less.
Looking ahead to 2027
It's possible the COLA could come in higher than current estimates if inflation rises. But the extra money you'd get would likely go toward higher living expenses rather than discretionary spending.
When the Social Security Administration officially announces the COLA on Oct. 14, 2026, you'll be able to estimate what your checks will look like next year by adding the COLA percentage to your current benefit. Then, you can figure out how much of your expenses you'll need to pay for on your own.
Use the last few weeks of 2026 to plan how you'll cover what Social Security doesn't. You can rely on personal savings, if you have them, but you may need to look into other retirement income sources as well.
