Why Seniors Are Scared About What Next Year Brings

Despite receiving a historic 8.7 percent Social Security cost-of-living adjustment (COLA) this year, it seems most seniors are still struggling to keep up with inflation. According to a Fox Business report, a new survey found that 54 percent of respondents say the increase — an extra $140 per month on average — is simply not enough to keep pace with rising costs of key items like groceries.

And making matters worse, the Fed’s work to curb inflation could cause next year’s COLA to drop below 3 percent.

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 COLA, and increased minimum benefits.