Roughly 22,700 people across the US Virgin Islands who receive Social Security will see their monthly payments grow by 3.6 percent beginning in January 2027, the Social Security Administration said Wednesday.
The boost will add approximately $75 per month to the average retiree's check. Among those receiving benefits in the territory last December were 18,419 retired workers, along with others claiming survivor and disability payments. St. Croix accounted for 11,100 beneficiaries, St. Thomas for 10,600, and St. John for 995.
Total monthly payments flowing to the territory hit roughly $37 million in December 2025. How much any individual's payment rises depends on their current benefit level, and deductions for Medicare and other costs will reduce what they actually receive.
Nationally, nearly 72 million beneficiaries will get the same adjustment. The agency projects the typical retirement benefit will climb from $2,095 to $2,170 monthly, while disabled workers' average benefit will jump from $1,642 to $1,701.
The increase, formally known as a cost-of-living adjustment or COLA, takes effect when December 2026 benefits are paid in January 2027. It surpasses last year's 2.8 percent bump.
Law requires the annual adjustment to track the Consumer Price Index for Urban Wage Earners and Clerical Workers, calculated by the Bureau of Labor Statistics. This year's figure reflects how that index shifted between the third quarters of 2025 and 2026.
The Social Security Administration also updated rules for people still working. The cap on earnings subject to Social Security tax rises from $184,500 in 2026 to $192,300 in 2027.
Beneficiaries who have not yet reached full retirement age will face an earnings ceiling of $25,560 throughout 2027; they forfeit $1 in benefits for every $2 earned above that. Those hitting full retirement age during 2027 can earn up to $67,920 before that month arrives, losing $1 in benefits for each $3 over the limit. After reaching full retirement age, earnings no longer trigger any withholding.
Starting in late November, beneficiaries can check their personal COLA notices through the Message Center on their my Social Security accounts. The agency urged people without accounts to open one and sign up for paperless notices by November 18 to get notices online. Those who skip that step will receive notices by mail in December.
Comments
No comments yet. Be the first.