By Leada Gore
al.com
(TNS)
Social Security recipients are on track to receive their biggest cost-of-living adjustment in four years. That change, brought on by naggingly high inflation, will likely push one group’s average payment above $1,000 a month.
The Senior Citizens League estimates the 2027 COLA will be 3.6%, 0.8 percentage points higher than this year’s 2.8%. A 3.6% increase would raise the average retirement benefit to $2,161 a month.
While recipients will lose much of the increase to higher costs and Medicare fees, one group will likely see their average benefit pass the four-digit mark. The increase would add $36 to the average spousal Social Security benefit, bringing the average to above $1,000 for the first time, The Motley Fool reported.
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The COLA is announced in October each year after the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for July, August, and September is determined.
This year, the Social Security Administration is expected to announce the 2027 COLA on Oct. 14, at 8:30 a.m. ET.
What is the spousal benefit?
Benefits are available to those who do not have enough work credits to qualify on their own but may be eligible through a spouse or ex-spouse’s record. Some of the recipients do qualify for their own Social Security payments but opt for the spousal benefit because it is higher.
About 2 million people receive spousal benefits averaging $986 a month.
According to the National Council on Aging, the maximum spousal benefit is 50% of the spouse’s or ex-spouse’s full retirement age benefit, assuming the person retired at FRA. Drawing benefits before FRA will reduce spousal payments as well.
There are other requirements for spousal benefits. You can see those here.
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