We’re just a few weeks away from the long-awaited 2027 Social Security cost-of-living adjustment (COLA) announcement, and it’s not too early to start preparing for it. Taking a few simple steps now will help you better understand how the COLA will affect your benefits once it’s announced.
Here are two things worth doing when you have a few moments before the Oct. 14 COLA announcement.
1. Note how much your current checks are worth
You might already know this, but if you’re not familiar with your exact Social Security benefit amount, it’s worth looking up. You can check this through your my Social Security account if you have one. Or you can look at your bank account’s transaction history if you receive direct deposits.
Write this number down and keep it somewhere you can refer to it once the COLA announcement is made. Adding the COLA percentage to your existing benefit will give you a rough idea of how much more you’ll get from the program in 2027.
2. Get a rough idea of how much you spend per month
Review your bank and credit card statements for the last few months to get a rough idea of how much you spend on average. Record that in the same place where you recorded your monthly Social Security payment amount.
Once the Social Security Administration announces the COLA, you can use this information to determine how much of your monthly expenses your checks will cover. Then, you can start devising a plan to cover the rest.
What to expect from the 2027 Social Security COLA announcement
The Social Security Administration will officially announce the 2027 COLA at about 8:30 a.m. ET on Oct. 14, 2026. Once you know the percentage, multiply it by your existing benefit to get a rough idea of how much more you’ll get from the program next year. Then, add that amount to your current checks.
For example, if the COLA comes in at 3.5% and you currently get $2,000 per month, you’d multiply 3.5% by $2,000 to get an increase of $70, and then add that to your current checks to get a new monthly benefit amount of $2,070. Subtract this amount from your monthly expenses to figure out how much you’ll need to pay for on your own.
You should also receive a personalized Social Security COLA notice in early December. If you’re on Medicare, this should also tell you how much you’ll have withheld for Part B premiums. Wait until you receive this information before contacting the Social Security Administration with questions about your specific benefits.
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