Each year, the Social Security change that gets the most attention is the cost-of-living adjustment (COLA).
The COLA directly affects the monthly check that Social Security retirees receive. If the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) shows that there was inflation (as measured based on changes to CPI-W during the third quarter of the year), recipients get a benefit increase.
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While this change is an important one, it's far from the only one. There will be multiple modifications to Social Security rules in 2027 that affect not just retirees but also current workers. Here are some of the biggest changes you should be aware of, and plan for.
One of the biggest 2027 changes that'll affect current retirees is the change to the retirement earnings test. Essentially, this test limits the amount of money you can make before your Social Security benefits are affected by the income that you bring in.