All Social Security Retirees Should Do This on Oct. 14
Written by Maurie Backman for The Motley Fool -> Social Security recipients rely on cost-of-living adjustments (COLAs) to keep up with rising costs. COLAs can't be announced until third-quarter inflation readings become available. A huge mid-October announcement is worth tunin
Social Security recipients rely on cost-of-living adjustments (COLAs) to keep up with rising costs.
COLAs can't be announced until third-quarter inflation readings become available.
Even if you have a nice chunk of money saved, you may depend pretty heavily on Social Security to cover your living expenses in retirement. And if you don't have much or any savings, those monthly benefits may be crucial to your financial survival.
Of course, living on just Social Security can be challenging. As of April 2026, the average monthly retirement benefit was just $2,081. On an annual basis, that's just shy of $25,000.
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You may be hoping for a sizable cost-of-living adjustment , or COLA, in 2027, to boost your monthly Social Security benefits. This year, benefits rose only 2.8% in January, which did not result in much added buying power for seniors.
It's too soon to know what next year's Social Security COLA will amount to. But if you tune in on Oct. 14, you should get your answer.
Inflation has surged in the wake of the Iran conflict. In May, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 4.4% on a year-over-year basis. The CPI-W is the specific index used to calculate Social Security COLAs.
