Social Security is preparing shifts for 2027 that could reshape monthly checks for millions, even though the official numbers will not drop until October 14. Retirees and near-retirees are already scanning the horizon for the next cost-of-living adjustment and asking whether the full retirement age—the pivotal marker that sets benefit size—will stay locked in place.

AARP forecasts a 3.5% Social Security cost-of-living adjustment for 2027, drawing on current inflation trends. That projected bump would average an extra $73 a month for retirees. The official figure is expected October 14, once the Consumer Price Index report lands—like waiting for the final score after a tense extra inning.

Recent Increases and Long-Term Trends

Benefits for 75 million Americans climbed 2.8% in 2026 and 2.5% in 2025, according to the Social Security Administration. Over the past decade the average annual adjustment has settled at 3.1%.

Older Americans may claim retirement benefits as early as age 62, yet they receive the full amount only upon reaching full retirement age. Starting early trims the monthly check by a small percentage for every month before that milestone. Delaying past full retirement age, up to 70, steadily lifts the payment.

Full Retirement Age Holds Steady

The current full retirement age stands at 67 for people who turn 62 in 2026, per the SSA website. Medicare eligibility remains fixed at 65.

“Under current law, it does not go any higher,” Geoffrey Schmidt, a certified public accountant, told Yahoo Finance. “So if you’ve been worried they’ll keep moving the goalposts on you, at least on the retirement age, that increase is over.”

Trustees warn that Social Security could run dry and tip into insolvency as early as the fourth quarter of 2032—roughly six years from now—according to a recent report.