BALTIMORE MD — The Social Security Administration (SSA) recently announced a 3.6 percent benefit increase for 2027. Social Security benefits include Old-Age, Survivors, and Disability Insurance (OASDI), and Supplemental Security Income (SSI). On average, Social Security retirement benefits will increase by $75 per month.
Nearly 72 million Social Security beneficiaries will see a 3.6 percent cost-of-living adjustment (COLA) beginning in January 2027. Increased payments to about 7.3 million people receiving SSI will begin on December 31, 2026. (Note: Some people receive both Social Security benefits and SSI).
The net amount added to your bank account may be slightly lower if you have Medicare Part B premiums deducted directly from your Social Security check. The standard Medicare Part B monthly premium is projected to rise by $6.60 to $209.50 for 2027.
For higher earners, the maximum amount of wages subject to the Social Security payroll tax will rise to $192,300 in 2027, up from $184,500.