Retirees are getting a 3.6% raise in Social Security. People staying in their jobs are getting only 3.4%.

Millions of Social Security recipients will experience a 3.6% increase in their benefits in 2027. Gabrijelagal/Getty Images Social Security's 3.6% cost-of-living adjustment exceeds recent job stayers' wage growth. Economist Aaron Terrazas warns inflation could drive economic inequality. Baby boomers are helping to prop up the economy, as they're in their core retirement spending years. There's an income premium for job switchers — and for retirees. The Social Security Administration recently released the cost-of-living adjustment for next year. About 72 million recipients will experience a 3.6% increase in their benefits in January, higher than the September three-month moving average year-over-year median wage growth for job stayers at 3.4%. Independent economist Aaron Terrazas said cost-of-living increases for Social Security beneficiaries were higher than job-stayers' increases in three of the past six years, the most recent being the 8.7% 2023 increase announced in 2022 amid the post-pandemic inflation spike.