The 2027 Social Security Cost-of-Living Adjustment (COLA) Is Still 7 Months Away. Here's What to Do if You're Struggling in the Meantime.

Seniors got a 2.8% Social Security cost-of-living adjustment (COLA) in January, but that hasn't gone as far as many had hoped. The average monthly retirement benefit is only $2,081 as of April 2026.

Many are hoping for a larger COLA in 2027, and it seems like they may get their wish. But we have more than half a year until that COLA takes effect, and inflation is already driving up living costs. Here are some things you can try while you wait if you're struggling to make ends meet.

Image source: Getty Images.

Figure out how much monthly income you need

The first step is to calculate the gap between what you have and what you need, so you know how much money you'll need from other sources. Look over your bank and credit card statements from the last year to get a rough idea of your monthly spending. You may want to add a little cushion in case inflation drives costs up further this year.

You should already know how much you get from Social Security now. Add this to whatever personal savings you have available to cover your monthly bills. If you have other income sources, like a job, make note of your monthly income from this as well.

Explore options to close the gap

If you identified areas of overspending when reviewing your budget, you may be able to cut back on these purchases to stretch your existing savings further. When that's not an option, you'll want to look for ways to increase your income.

Taking on a part-time job in retirement could be an option for you. You may be able to find a remote position if you prefer to travel or have caretaking requirements that make it difficult to work a traditional job.

You could also check whether you qualify for other government benefits, such as Supplemental Security Income (SSI). This is another monthly benefit available to the blind, disabled, and low-income seniors, and you can use the money for any of your expenses. You may also qualify for other benefits that help you with food, housing, healthcare, or utility costs.

Looking ahead to 2027

The Social Security Administration will announce the 2027 Social Security COLA in mid-October. At that point, you'll be able to estimate what your benefits will be next year by adding the COLA percentage to your existing checks.

Once you know roughly what to expect next year, you can start building a new budget for 2027. It may look a little different from your 2026 budget, especially if living costs increase. Planning in advance will give you time to figure out which retirement income strategies make the most sense for you going forward.

The Motley Fool has a disclosure policy.