May 12, 2026 / 2:18 PM EDT / CBS News

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Social Security recipients could receive a 2027 cost-of-living adjustment (COLA) of nearly 4%, driven by inflation climbing at its fastest pace in almost three years.

Seniors and others who receive Social Security benefits could see a COLA of 3.9% next year, according to a new estimate from the Senior Citizens League, an advocacy group for older Americans.

"This is up quite a bit from earlier in the year, when our projection generally sat between 2% and 3%," Alex Moore, the statistician for the Senior Citizens League, told CBS News in an email.

As of January, the average retired worker received $2,071 in monthly Social Security benefits, according to the agency. A 3.9% boost would add $80.77 to the typical monthly check, raising it to about $2,152.

The COLA is meant to help benefits keep pace with inflation, but the calculation is backward-looking.…