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Social Security checks are getting their biggest raise since 2023. Inflation may eat it anyway
The largest increase since 2023 comes as fuel, gasoline and airfare prices keep rising, and it will not take effect until January.
- On Wednesday, The Social Security Administration announced a 3.6% cost-of-living adjustment for 2027, the largest increase since 2023, providing relief to millions of Americans relying on benefits.
- Consumer prices rose 3.7% over the past year, driven by the war with Iran, as oil flow disruptions in the Strait of Hormuz reduced traffic to four ships daily from roughly 80.
- Fuel oil prices surged 74% from a year ago, gasoline climbed more than 34%, and airfares rose more than 22%, according to Bureau of Labor Statistics data; regular gasoline averaged $4.34 a gallon Tuesday, per AAA.
- But Robert Brokamp, senior retirement advisor at The Motley Fool, cautioned that the COLA is backward-looking, based on July–September prices, and advised retirees to seek accounts yielding 3.5% to 4%.
- The hotter inflation report pressures The Fed, which raised interest rates in September for the first time in three years; minutes show most officials expect one more increase before year-end.
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Total News Sources12
Leaning Left0Leaning Right1Center10Last UpdatedBias Distribution91% Center
Bias Distribution
- 91% of the sources are Center
91% Center
C 91%
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