Social Security 2027: Bigger COLA, fixed retirement age, and higher earnings cap

Social Security in 2027 keeps the full retirement age at 67 for those born in 1960 or later, projects a roughly 3.5% COLA (potentially the largest since 2023 if it bumps to about 3.6%), and raises the earnings cap to around $190,200 with higher earnings-test thresholds ($25,200 lower, ~$67,200 upper). There are no benefit cuts under current law, but higher earners will pay more into the program, and Medicare Part B premiums may offset some COLA gains. For most retirees, the 2027 check isn’t in jeopardy, though inflation adjustments may be partially consumed by premiums.