Social Security Recipients Say Tariffs Will Outpace COLA Increase—Poll
Summary
A new poll shows many Social Security recipients worry that rising tariffs will cause prices to increase faster than their yearly cost-of-living adjustment (COLA) can cover. This could make it harder for retirees to afford essentials like food, housing, and healthcare.Key Facts
- 66% of current Social Security recipients believe tariffs will push prices higher than their COLA increases.
- 69% of Americans expecting future Social Security benefits share this concern.
- 61% of current recipients say missing even half a monthly payment would cause serious financial trouble.
- 52% have cut spending on non-essential items such as travel or dining out.
- 31% have reduced spending on essential items like groceries and medications.
- Tariff-related price increases often affect retirees’ necessary expenses, including housing, food, and healthcare.
- The COLA is based on a price index (CPI-W) that may not fully reflect sudden price increases caused by tariffs.
- Many Americans across generations worry about the future reliability and sufficiency of Social Security benefits.
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