Social Security is making some changes in 2027. Although those changes won’t be officially released until October 14, many people are already wondering what the cost-of-living adjustment (COLA) benefits will be for the coming year, and if the full retirement age—which determines the amount of monthly Social Security checks—will remain the same.
Here’s what to know.
Cost-of-living adjustment (COLA) benefit increase in 2027
AARP projects a 3.5% Social Security cost-of-living adjustment for 2027, based on current inflation trends, which the organization estimates would add up to an extra $73 a month, on average, for retirees. (The official 2027 increase is expected on October 14, after the release of the Consumer Price Index report.)
Social Security and Supplemental Security Income benefits for 75 million Americans increased by 2.8% in 2026, and 2.5% in 2025, per the Social Security Administration (SSA). Over the past decade, the cost-of-living adjustment has averaged 3.1%.
Will the ‘full retirement age’ increase in 2027?
Older Americans and retirees can start receiving Social Security retirement benefits as early as age 62; however, they are entitled to full benefits only when they reach what is known as “full retirement age.”
If someone starts receiving benefits early, the benefits are reduced by a small percentage for each month before full retirement age. On the other hand, if a person delays taking benefits until after full retirement age, up until age 70, the monthly benefit amount will increase.
The current full retirement age is 67 for people attaining age 62 in 2026, according to SSA’s website. (The age for Medicare eligibility remains at 65.)
“Under current law, it does not go any higher,” Geoffrey Schmidt, a certified public accountant, told Yahoo Finance. “So if you’ve been worried they’ll keep moving the goalposts on you, at least on the retirement age, that increase is over.”
It’s estimated that Social Security will run out of money and become insolvent as early as the fourth quarter of 2032, in about six years, according to a recent report from the Social Security trustees, as Fast Company previously reported.