By JEFF SNYDER
MOUNT AYR, Iowa — The Social Security Administration has formally announced its annual cost of living adjustment (COLA) for 2027. Each year the administration examines the effects of inflation on the average social security recipient and determines the adjustment to benefit for the coming year.
This coming year’s adjustment will be 3.6 percent. Annual adjustments to Social Security benefits are intended to help offset the increases in costs the beneficiaries have to deal with based on the overall performance of the economy. These adjustment are permanent and carry forward to the next evaluation period which will be next year between the months of June and mid-October. There are approximately 1,080 people in Ringgold County who currently receive some form of financial benefit from the Social Security Administration.
Social Security benefits include Old-Age, Survivors, and Disability Insurance (OASDI) and Supplemental Security Income (SSI)
According to the Social Security Administration, nearly 72 million beneficiaries across the nation will see the COLA increase which is scheduled for January 2027. Approximately 7.3 million people on SSI will see the same percentage increase beginning December 31, 2026.
The COLA adjustment will equate to roughly $75 additional dollars in the average retirees benefit each month. These figures are based on national averages and do not necessarily reflect the benefits that eligible recipients in Ringgold County will receive. In addition to the increased benefits in 2027, recipients will also unfortunately receive an increase in their Medicare Part B premiums of 3.5 percent.