The Latest Estimate
According to a report from CNBC, Mary Johnson, an independent analyst who tracks Social Security and Medicare policy, says the newly released July inflation figures point toward a 3.4% COLA for 2027. That number has been trending downward. Just last month, Johnson had projected the COLA could land around 3.7%, and before that, back in June, her forecast was as high as 4.7% as inflation was climbing.