Why Many Retirees Are Following Economic News More Closely These Days
Social Security benefits payments are the lifeblood for millions of American retirees. With the average beneficiary receiving about $2,000 each month, it’s easy to understand why so many older Americans are concerned about the economy.
According to an article by the National Security Journal, it seems “retirees are worried that tariffs and their effects will cause their Social Security checks to not go as far as they typically have.”
This sentiment is supported by a Nationwide Financial survey that found that “over half of those currently receiving Social Security have had to cut back on discretionary spending due to rising living costs outpacing benefits.”
The Trouble with Tariffs
Even more concerning is the fact that about half of those surveyed said they are “terrified” about the potential impact of tariffs on their retirement income and savings. And more than two-thirds of survey respondents worried that tariffs will “drive inflation a great deal/somewhat beyond what Social Security Cost-of-Living Adjustments (COLA) can cover.”
COLA in Question
We may know the answer to that soon enough. The 2026 COLA will be announced next week. Based on the most recent government inflation data, experts predict the COLA will likely be 2.7 percent (some think it could be as high as 2.8 percent). Either way, it would only provide retirees with an extra $54 per month on average. That won’t make a huge difference for anyone already struggling to keep up with rising costs.
A Solid Solution
We at The Seniors Trust believe the best way to protect and expand Social Security is with the Social Security Expansion Act. This landmark piece of legislation will increase benefits by $200 per month, implement a fair (COLA), and legally guarantee the current and future benefits of all Social Security recipients.
The Seniors Trust is working to pass the Social Security Expansion Act. Please sign our petition to Congress and join us as we strive to improve the lives of senior citizens.
