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Social Security checks: COLA 2027 increase looms
Social Security commissioner predicts the program will last another 90 years, but trustees say the retirement fund could run out of money by late 2032.
In brief
Social Security commissioner predicts the program will last another 90 years, but trustees say the retirement fund could run out of money by late 2032. Social Security Administration Commissioner Frank Bisignano says the program will exist for another 90 years, contradicting the program's own trustees' report…
Commissioner predicts long future
Social Security Administration Commissioner Frank Bisignano told CNBC on Monday the program will continue to exist for another ninety years. The Trump administration has pledged to protect and preserve the fund.
“This is a long journey. It's 90 years old.”
Trustees paint different picture
Social Security's own trustees' report estimates the retirement trust fund will run out of money and become insolvent as early as the fourth quarter of twenty thirty-two, in about six years.
Seniors struggle with costs
Many seniors are already struggling with the skyrocketing cost of living, including rising prices for food, utilities, and gas. The timing comes as inflation remains a concern.
COLA announcement Wednesday
On Wednesday, the Social Security Administration is scheduled to release its cost-of-living adjustment numbers for twenty twenty-seven. The Bureau of Labor Statistics will release its consumer price index based on September inflation data.
AARP expects modest increase
AARP expects a three point six percent adjustment, or an extra seventy-five dollars on average per monthly check for Social Security recipients in twenty twenty-seven.
Millions depend on benefits
Some seventy-one million Americans receive monthly Social Security benefits, according to the Social Security Administration. This includes fifty-four million retired workers and nine million survivors and dependents.
Trump administration sends payments
The Trump administration is sending a onetime ninety dollar payment to more than twenty million Social Security recipients to help with their Medicare Part B coverage premiums.
Obamacare enrollees get refunds
The Trump administration is also sending a five hundred dollar refund check to nearly one million Obamacare enrollees who the administration claims were overcharged by the Affordable Care Act in three dozen states.
Critics question timing
Critics have called out the timing of these payments and rebates, which come just weeks ahead of the nation's midterm elections on November third.
At a glance
Social Security Administration Commissioner Frank Bisignano says the program will exist for another 90 years, contradicting the program's own trustees' report predicting insolvency by late 2032.
