Modest Social Security COLA Means Seniors Are Still Struggling Financially

Despite this year’s modest cost-of-living increase in Social Security benefits, three out of five retirees say they are still struggling financially. A report by Fox Business cites the results of a recent survey that found “an overwhelming percentage of seniors collecting Social Security — about 62 percent — are dissatisfied with the 3.2% payment increase” they received this year.

2024’s 3.2 percent Social Security cost-of-living adjustment (COLA) is modest compared to last year’s 8.7 percent bump in benefits, but it’s still better than the 2.6 percent average increase from the past 20 years.

With the high inflationary prices we are currently experiencing, maybe it’s time to seriously consider adopting a new COLA calculator. One that better accounts for the unique spending habits of older Americans.

That’s exactly what the Social Security Expansion Act would provide. The Seniors Trust is a strong proponent of this proposed legislation that would also provide retirees with $2000 more in benefits and secure Social Security’s long-term solvency.