They say patience is a virtue. But if you're a retiree on Social Security who's struggling to keep up with rising costs, you may be running out of patience, and fast.

That's understandable. The Middle East conflict, along with other factors, has caused many prices to increase this year, burdening seniors who get most or all of their retirement income from Social Security. And because inflation has outpaced the 2.8% cost-of-living adjustment (COLA) that arrived back in January, many beneficiaries are banking on a larger boost in 2027.

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At this point, you may be eager to know what your 2027 Social Security COLA will amount to. But you'll have to wait a bit longer, and there's a reason for that.

Why it's too soon to calculate a COLA

Social Security COLAs are based on changes to the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) during the third quarter of the year. Since the third quarter isn't over yet, the Social Security Administration (SSA) can't calculate a COLA yet. It's really that simple.

Once inflation data comes in for September, the SSA should be able to quickly release an official COLA number for 2027. September's report is expected to come out on Oct. 14, so a COLA announcement should follow shortly after.

In addition to announcing a COLA, the SSA should be able to provide other key program updates in mid-October. Those include a new maximum monthly benefit, wage cap, and limit for the earnings test that applies to recipients who work while collecting benefits prior to full retirement age.

There are COLA estimates out there, but don't bank too heavily on them

Of course, you don't have to walk around clueless about the 2027 COLA until Oct. 14. There are estimates of what next year's raise will be based on inflation data from July and August.

Both the Senior Citizens League, an advocacy group, and Mary Johnson, an independent Social Security analyst, project a 3.5% COLA for 2027. AARP's number is slightly higher at 3.6%.

You can use these estimates as a guide, but don't start planning a 2027 budget around them. If inflation shifts in September, either upward or downward, the actual COLA could look different.

There's also Medicare to consider. If you're enrolled, it means your Part B premiums come out of your Social Security checks.

A large Part B premium increase could eat into your upcoming COLA, resulting in a smaller net raise. So it's best to wait on all relevant information before calculating the increase you get to take home.