Social Security benefits will rise 3.6% in 2027, the Social Security Administration announced Wednesday, The Associated Press and CBS News reported.

The cost-of-living adjustment, or COLA, works out to about $75 more a month on average, the outlets reported. CBS News said the average payment will rise to $2,170 a month starting in January, and that it is the largest annual increase in four years. NPR also reported the average increase of about $75.

AP said the raise covers 73 million people who get monthly Social Security benefits and nearly 7.5 million who get Supplemental Security Income. CBS reported that more than 75 million Americans will get the increase and that about 7.3 million SSI recipients will see it starting Dec. 31.

The maximum amount of earnings subject to the Social Security payroll tax will rise to $192,300 in 2027 from $184,500, AP reported.

The increase came as the Labor Department said consumer prices rose at an annual rate of 3.7% in September, CBS News reported. Nancy Altman, president of the advocacy group Social Security Works, said in an email that the COLA "is not keeping up with prices," CBS reported. Shannon Benton of the Senior Citizens League told CBS News the raise "wouldn't necessarily restore the purchasing power seniors have already lost."

Some retirees said the increase falls short. Jaime Jakubczak, 68, of Buffalo, New York, called it "a pittance," AP reported. Lorrie Ufkin, 71, who lives outside Rochester, Minnesota, told AP the COLA "doesn't even meet what they're going to do for changes to Medicare." Vicki Dixon, 76, whose home is surrounded by Illinois farmland, told NPR the raise "doesn't mean that much," though she is grateful for it.

Medicare has not yet announced its 2027 premiums, which could eat into the increase, CBS News reported. Part B premiums are automatically deducted from seniors' monthly Social Security checks, CBS said.

An AARP poll in September found about three-quarters of people 50 or older disagreed that a 3.5% COLA would be enough to keep up with rising prices, AP reported.

What we know: Benefits rise 3.6%, about $75 a month on average, starting in January, and the taxable wage cap rises to $192,300.
What we don't: The 2027 Medicare Part B premium, which will affect how much of the raise recipients keep.