This week in money: 2027 Social Security increase, bank holiday, and IRS and Medicare deadlines
Posted on 10/11/26 at 19:02
Key money dates from October 12 to 16, which includes a bank holiday, the announcement of the 2027 Social Security increase, a benefits payment, and two deadlines you shouldn’t miss: the IRS extension and the start of Medicare open enrollment.
Why it matters: This week will determine how much your Social Security check will increase next year, and a holiday may delay deposits and transfers.
Monday, October 12: Columbus Day holiday
The Federal Reserve is closed for the federal holiday (Columbus Day), so many banks are closed and there is no regular mail delivery. The New York Stock Exchange and Nasdaq are open; the bond market is closed.
If you’re expecting a direct deposit or making a transfer that day, it may be processed as late as Tuesday, October 13. Online banking and ATMs will still be functioning.
Tuesday, October 13: major banks report earnings
JPMorgan Chase, Wells Fargo, Citigroup, and Goldman Sachs report their third-quarter results before the market opens; Bank of America and Morgan Stanley report on Wednesday, October 14. Their reports provide insight into how consumer credit card payments and loans are faring.
Wednesday, October 14: inflation and 2027 COLA
- 8:30 a.m. (Eastern Time)The Bureau of Labor Statistics (BLS) releases September inflation data. This is the last piece of data used to calculate the 2027 cost-of-living adjustment (COLA) for Social Security and SSI. In recent years, the Social Security Administration (SSA) has announced the percentage on the same morning.
- Social Security payment for those born between the 1st and 10th of the month.
- 2:00 p.m.: The Federal Reserve releases its Beige Book, a summary of how businesses in each region of the country view the economy.
The Fed raised its benchmark interest rate in September to a range of 3.75% to 4%, and in its minutes hinted that another increase is likely before the end of the year. Its next meeting is on October 27 and 28, so the inflation data may also influence what you pay for credit cards, car loans, and mortgages.
Thursday, October 15: IRS, Medicare, and sales
- IRS extension deadline: if you requested an extension to file your 2025 tax return, the deadline is today. In some areas affected by natural disasters, the IRS moved the deadline to November 2, 2026, or February 1, 2027; check IRS.gov to see if your county is included.
- Medicare open enrollment begins and runs until December 7. This is the time to compare 2027 health and drug plans on Medicare.gov; star ratings for the plans are already available.
- The government releases September retail sales and producer prices, two gauges of consumer spending and price trends.
Friday, October 16: no federal payments
There are no scheduled Social Security or SSI payments. The next Social Security payment is on Wednesday, October 21 (born between the 11th and 20th), and the next is on Wednesday, October 28 (born between the 21st and 31st).
Dollars and Pesos
The dollar closed last week higher against the Mexican peso: the Banco de México’s FIX exchange rate was 18.4163 pesos on Friday, October 9, compared to 18.1903 a week earlier. This means that every dollar sent to Mexico yields more pesos than it did seven days ago.
What’s coming next
- Tuesday and Wednesday, October 27 and 28: Federal Reserve meeting on interest rates.
- Friday, October 30: SSI payment for November is being paid early because November 1 falls on a Sunday; it’s not an extra payment.
- Sunday, November 1: Obamacare open enrollment for 2027 begins.
Sources: Social Security Administration (SSA); Bureau of Labor Statistics (BLS); Federal Reserve; Internal Revenue Service (IRS); Medicare.gov / CMS; Census Bureau; Banco de México; JPMorgan Chase and Wells Fargo earnings announcements. Data consulted on October 11, 2026.