What pensioners aged 62-80 should expect

What pensioners aged 62-80 should expect

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Based on 2023 According to a study by the Center on Budget and Policy Priorities, Social Security protects about 22 million Americans from poverty, including 16 million adults 65 and older.

October is one of the most important months of the year for Social Security recipients because that’s when the upcoming cost of living adjustment (COLA) is announced. A COLA is an annual increase that helps benefits keep up with inflation and maintain their purchasing power as costs rise.

Here’s When You Can Expect 2026 COLA to be announced and what it could mean for you.

Image source: Getty Images.

The Social Security Administration calculates the COLA based on July, August, and September. inflation data. The Bureau of Labor Statistics was originally scheduled to release September’s data on October 15, but the government shutdown delayed it until October 24.

We won’t know the official COLA until then, but some experts already have a good idea of ​​where it could land. Analysts at The Senior Citizens League, a nonpartisan advocacy group, forecast an adjustment of 2.7% next year, based on available inflation data. Unless September’s numbers are very different from projections, the actual COLA will likely be very close to 2.7%.

Exactly how much that bonus will go depends on your payout amount. Social Security Administration in 2024 According to the data, this is the average benefit among retired workers aged 62-80, plus the adjusted benefit after a 2.7% COLA:

Age

Avg. Monthly payment amount

Avg. Monthly benefits after 2.7% COLA

62

$1,342

$1,378

63

$1,364

$1,401

64

$1,425

$1,463

65

$1,611

$1,654

66

$1,764

$1,812

67

1930 USD

1982 USD

68

$1,980

$2,033

69

$2,040

$2,095

70

$2,148

$2,206

71

$2,115

$2,172

72

$2,117

$2,174

73

$2,088

$2,144

74

$2,054

$2,109

75

$2,065

$2,121

76

$2,076

$2,132

77

$2,046

$2,101

78

$2,061

$2,117

79

2013 USD

$2,067

80

2006 USD

$2,060

Data source: Social Security Administration. COLA = Cost of Living Adjustment.

Across all age groups, the average COLA increase will be between $36 and $58 per month, assuming an adjustment of 2.7%. While this additional income can help with expenses, it may not be as much as some retirees expect.

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