MarketPR
The Social Security Administration's announcement of a 3.6% cost-of-living adjustment sets the stage for the largest rise in monthly payments for retirement and disability recipients in four years.
The adjustment applies to 76 million beneficiaries and is calculated using the Consumer Price Index for the July-through-September quarter.
This change will increase the average retiree's benefits by $75 a month, or $900 a year. The agency also reported that the cutoff for Social Security taxes will rise to $192,300 in 2027, up from $184,500 this year.
Income above this threshold is not subject to payroll tax.
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