Social Security Administration 2027 COLA: Experts Recommend 5 Hacks to Make Your Money Go Further
From cutting costs to free programs, these tips will help you keep more of your money
Key Takeaways
- The Social Security Administration announced a 3.6% 2027 COLA on October 14.
- The 3.6% COLA adds about $75 a month to the average retirement check in January.
- Finance expert Leslie Tayne says to review phone, insurance and drug plans yearly.
After months of anticipation and speculation, the 2027 Cost of Living Annual (COLA) adjustment has been announced by the Social Security Administration (SSA). The increase is meant to help seniors keep up with inflation, tariffs and a higher cost of living, and while the amount rose 0.8 percent from the previous COLA—the biggest increase since 2023—experts are still warning that it might not be enough. Below, we reveal everything you need to know about the 2027 COLA and share expert advice on how to make your money go even further.
What to know about the 2027 COLA
On Wednesday, October 14, the SSA announced the 2027 COLA of 3.6 percent. This is higher than the 2026 COLA, which was 2.8 percent, and will add about $75 to seniors’ monthly checks starting in January of 2027.
“Social Security will implement this cost-of-living adjustment for 76 million Americans, giving them greater financial stability,” SSA Commissioner Frank J. Bisignano said in a statement earlier today. “Under President Donald J. Trump, Social Security is delivering better, faster, higher-quality service for the American people.”
This came just two days after Bisignano, who was nominated to the position by President Trump in December 2024 and confirmed by the U.S. Senate in May 2025, told CNBC he thinks the program will last “another 90 years,” despite growing concerns that the Social Security trust fund will run out of money by 2032. (To learn more about that concern and if the trust fund is really running out of money, click here.)
“The president has promised to protect and preserve and that’s what we’re doing,” Bisignano added.
Why experts are worried about the increase
Even with the 3.6 percent increase, experts have voiced concerns that seniors won’t be able to keep up with rising costs on everyday goods and services such as gas, food and bills.
Shannon Benton, executive director of the advocacy group Senior Citizens League, told CBS News the increase “wouldn’t necessarily restore the purchasing power seniors have already lost.”
“The COLAs are designed to keep pace with inflation, not make up for years of falling behind,” she added. “The bottom line is that seniors aren’t getting ahead. They’re getting a slightly bigger check to pay bills that have gotten even bigger.”
Nancy Altman, president of the advocacy group the Social Security Works, added to that, telling the outlet,“People are getting crushed by prices. As important as the Social Security COLA is, it is not keeping up with prices.”
How to make the most out of the 2027 COLA
As a result of all of the concerns over whether or not the 2027 COLA will be enough for seniors to live on, experts have begun sharing their best budgeting advice.
Review your coverage
“My biggest recommendation for cutting costs is to look for ways to lower your fixed costs, including your home costs, car payment, insurance costs, phone bill, etc. One way to do this as a senior is to review prescription drug coverage during open enrollment to see if another plan would offer better value for the medications you need,” says Leslie H. Tayne, Esq., finance and debt expert and founder of Tayne Law Group. “Also, if you haven’t changed your insurance in years, call up your provider to ask about new plans and whether there’s something available that suits your needs at a lower cost. You can also do this with your phone bill and even utility bills.”
Go high-tech with bills
If you’re not enrolled in auto-pay or electronic billing, signing up can save you up to 10 percent on car insurance premiums, depending on your insurer. Reviewing your coverage can also save you, say if you’re no longer commuting to an office or have added anti-theft devices to your vehicle.
Call the competition
“If your current carrier isn’t offering a less expensive solution, check their competitors. I recommend reviewing phone and insurance costs at least annually,” Tayne says.
This one call will show you what else is out there, which will help guarantee that you get the best and most affordable price.
Seek out discounts
Tayne also advises seniors to take advantage of senior discounts at restaurants and stores. You can see a full list of places that offer them here.
Find freebies
Don’t forget to check out local libraries and community centers, since they often have free resources for seniors, says Tayne. Depending on where you live, you can find surprising perks. Local libraries in many areas offer everything from free expert help with tax returns to free legal advice, as well as cooking classes, concerts, art shows and more. Some even loan out tools for home-improvement projects and offer free passes to museums.
“Be wary of any advertisements about quick financial relief, as the senior demographic is often one I see get taken advantage of financially,” Tayne advises. “Don’t be quick to offer your personal information, especially when money is tight, and be very aware of scams where anyone is asking for financial information or credit card or bank account information. Protect the income you already have and try to find ways to stretch it.”
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