Survey Reveals Seniors are Still Scared About Inflation

High inflation resulted in this year’s 8.7 percent Social Security cost-of-living adjustment (COLA) — the largest in 40 years. Although designed to help combat inflation’s impact, many retirees — and financial experts as well — fear the COLA is not high enough.

A Fox Business report found that older Americans are worried their Social Security retirement income will not be enough to make ends meet. This was based on an AARP survey in which 90 percent of respondents who are currently receiving Social Security retirement benefits, or will soon receive them, said they are concerned that their benefits may not keep up with inflation. 

The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment, increased minimum benefits, and this bill will ensure the long-term solvency of the Social Security program.