One More Reason Why Next Year’s Social Security COLA Won’t Be Enough
All indications are that seniors will receive a very modest Social Security cost-of-living adjustment (COLA) next year. It’s predicted to be 2.7 percent. That has many retirees worried. They are already struggling to keep up with costs because of inflation, and according to an article by Yahoo! Finance, we don’t even know the full impact of tariffs yet.
Troubling Tariffs
A survey by the Nationwide Retirement Institute found that six in ten retirees think that rising tariffs will increase inflation beyond what the COLA can cover. Because so many are scared about what will happen, many retirees are cutting discretionary spending and scaling back on purchasing essentials like groceries and medical care.
Right now, the average retiree’s monthly Social Security benefit is about $2,000. Knowing that, it’s easy to understand why so many seniors are struggling and fear for their futures.
It’s abundantly clear that something needs to be done to support older Americans.
Protecting Social Security
The Seniors Trust believes retired workers who worked long, hard years faithfully contributing to Social Security should NEVER be forced to go without basic necessities. Things could get even worse as the Social Security trust fund continues to deplete. It’s expected to reach insolvency in less than ten years. At that time, there will be no choice but to cut benefits.
We 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, implement a fair Cost-of-Living Adjustment (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.
