Older Americans Are Worried About Projected Social Security COLA
Summary
A recent survey shows most Americans aged 50 and older think the Social Security cost-of-living adjustment (COLA) planned for 2027 will not be enough to cover rising living costs. The expected 3.5 percent increase is seen as too low, especially when key expenses like healthcare and housing are rising faster.Key Facts
- 76% of Americans aged 50 and older think the 3.5% Social Security increase for 2027 won’t cover rising costs.
- Among current Social Security recipients, 80% share this concern.
- 71% say a 5% to 8% increase would better help cover everyday expenses.
- The Social Security Administration is set to announce the COLA for 2027 on October 14.
- Inflation has caused consumer prices to rise by 3.4% over the past year, with energy up 16.3%, food 2.7%, and shelter 3%.
- Social Security increases are meant to match inflation but often don’t reflect retirees’ personal cost increases in healthcare, housing, and utilities.
- Medicare Part B premiums, which are taken from Social Security payments, rose by 9.7% in 2026 and are expected to increase again in 2027.
- This premium rise reduces the actual benefit retirees receive after the COLA.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
