Social Security beneficiaries will receive a 3.6% cost-of-living adjustment in 2027, the Social Security Administration announced Wednesday, as rising prices strain older Americans’ finances.

The increase will raise average monthly retirement benefits by about $75 and apply to nearly 72 million people receiving Social Security benefits beginning in January 2027. Payments for approximately 7.3 million Supplemental Security Income recipients will reflect the adjustment beginning Dec. 31, 2026. Some beneficiaries receive payments through both programs.