Excited About Social Security's Upcoming COLA Announcement? That's Not the Only Change Set to Be Revealed Next Week

Source Motley_fool

Key Points

  • Many people can't wait for the Oct. 14 COLA announcement.

  • Other key Social Security changes to look out for include a new earnings test limit and maximum monthly benefit.

  • The $23,760 Social Security bonus most retirees completely overlook ›

If you have your calendar marked for Oct. 14, you're probably excited to learn what your Social Security cost-of-living adjustment (COLA) will be for 2027. If current estimates are correct, the upcoming COLA could be the largest raise to arrive in years.

But it's not just a COLA that's supposed to get announced next week. There are some other key changes in store for Social Security. Here are two important ones to look out for.

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Image source: Getty Images. Image source: Getty Images.

A new earnings test limit

If you work while receiving Social Security, you may be familiar with the earnings test, which limits the amount of money you can earn from a job before having benefits withheld. Social Security's earnings test applies only to people who receive benefits prior to full retirement age.

This year, the earnings test limit is $24,480 for people who won't reach full retirement age by the end of the year. Beyond that, $1 in Social Security is withheld per $2 of earnings.

For those who will reach full retirement age this year, the earnings test limit is $65,160. Beyond that, $1 in Social Security is withheld for every $3 of earnings.

While we don't know what the earnings test limits will be for 2027, they're expected to rise. This means you may get an opportunity to earn more money in the new year before you risk losing a chunk of your Social Security checks.

Of course, benefits withheld under the earnings test are not lost forever. They're returned as larger checks once full retirement age is reached. But in the near term, a higher earnings test limit means more money in your pocket to cover retirement expenses.

A new maximum monthly benefit

At the start of 2026, Social Security's maximum monthly benefit at full retirement age was $4,152. Because Social Security benefits are expected to get a COLA in 2027, the program's maximum monthly benefit should increase in the new year.

Of course, that doesn't mean you'll be eligible for it. To qualify for the maximum benefit, you typically need to be a high earner for much of your career.

You should also know that your full retirement age benefit doesn't represent the maximum you can get from Social Security. If you delay your claim beyond that point, up until age 70, you can score an 8% boost to your monthly checks for each year you wait.

You may be eager to find out the official 2027 Social Security COLA next week. But pay attention to these other important changes, too.

The $23,760 Social Security bonus most retirees completely overlook

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