India, Oct. 4 -- The three-month period used to calculate the 2027 Social Security cost-of-living adjustment (COLA) ended in September. The Social Security Administration (SSA) is expected to announce the official increase in October. Until then, retirees can only use estimates to know how much their monthly payments may increase.

However, the money retirees receive in their bank accounts may be less than the announced increase. This is because Medicare premiums and other deductions can reduce their payments, according to 24/7 Wall St.

The COLA is meant to help Social Security payments keep up with rising prices. For retirees who receive around $2,000 a month, the increase can provide extra money to pay for daily expenses.

However, the...