Rising oil prices may lead to bigger Social Security checks — here’s why

Social Security COLA: The projected 2027 Social Security cost-of-living adjustment stands at 1.7% based on February inflation data. But rising oil prices could push it higher. Brent crude has jumped about 30%, lifting gasoline prices and increasing the CPI-W index used for COLA calculations. If energy costs stay elevated through summer, millions of Social Security beneficiaries may receive a bigger benefit increase next year to help offset rising retiree living costs and inflation pressure.