The Social Security Administration projects a 3.6% cost-of-living adjustment for 2027, adding $75 a month for roughly 1.7 million Virginians receiving benefits. That is slightly below the 3.7% year-over-year rise in September's Consumer Price Index reported by the Bureau of Labor Statistics. An Old Dominion University economist expects inflation over the next three months to be slightly higher than 3.7%, depending on gasoline prices and the Iran war. Meanwhile, a temporary Medicare Part D subsidy program that helped 25 million Americans is set to end this year, and in an AARP poll, 94% of adults 50 and older said prices have risen in recent months.
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The Social Security Administration announced on Oct. 14 that benefits will rise 3.6% next year through the cost-of-living adjustment (COLA), or roughly $75 more a month ($900 a year) for the average retired worker starting in January. Some call it the 'Trump Bump,' but the article says inflation driving the increase was partly fueled by Trump's tariffs and the Iran war's disruption of energy markets. Max Richtman of the National Committee to Preserve Social Security and Medicare said the increase 'won't be enough for most seniors to even tread water financially,' while the National Council on Aging argued the COLA does not reflect older adults' real costs, especially health care. An AARP survey found 76% of adults 50 and older believed a prospective 3.5% COLA would not keep up with prices. The article also presents gold as a way to preserve purchasing power, noting it has climbed 130% over the past five years.
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The article says the 2027 cost-of-living adjustment (COLA) for Social Security will be set by the September Consumer Price Index report due Oct. 14. The Senior Citizens League projects a 3.5% increase, a figure echoed by policy analyst Mary Johnson according to CNBC, which the article describes as the highest in three years. It cites a Federal Reserve Bank of New York paper finding that tariffs under the Trump administration raised prices in 67 consumer goods categories by 2.9% between 2025 and 2026; without tariffs, those prices would have fallen by nearly 1%. The article also links military action against Iran and the closure of the Strait of Hormuz to higher fuel prices, with diesel hitting a historic $6 a gallon per the Associated Press. It also presents gold and rental real estate as ways for fixed-income retirees to guard against inflation.
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The Social Security Administration announced a 3.6% benefit increase for 2027, starting in January for 72 million beneficiaries and on December 31 for SSI recipients. The adjustment reflects inflation measured by the Consumer Price Index from the third quarter of 2025 through the third quarter of 2026, raising average retirement benefits by about $75 a month. The payroll tax rate stays at 6.2%, while the taxable earnings cap rises from $184,500 to $192,300. The program faces a shortfall, and without congressional action, benefits would automatically decrease starting in 2032; candidates in key Senate races have stayed relatively quiet on the issue.
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