Social Security Benefits to Decrease by 2032, COLA Increase Announced

• Social Security benefits for the elderly are expected to fall dramatically by 2032.
• The 2027 cost-of-living adjustment (COLA) is 3.6%, based on inflation data.
• The COLA increase will provide Social Security recipients with an average of $75 more per month.
• Various proposals are being considered to cap, curtail, means-test, or scrap the annual COLA.
• The COLA increase amounts to a little more than $900 next year.