In 2026, retirees will receive a 2.8 percent Social Security cost-of-living adjustment (COLA). That will mean an extra $56 each month on average — and about $672 for the year. While every little bit certainly counts, for struggling seniors, that small benefit boost won’t make much of a difference as prices remain high.
That’s because, as 24/7 Wall St. explains, the COLA is designed to help benefits keep up with inflation, not beat it. The article goes on to say that seniors should not rely too heavily on COLAs to keep up with their expenses.
For those retirees without hefty savings accounts or investments, it suggests getting a part-time job, downsizing, or renting out a portion of their home.
Council of Seniors Wants Congress to Put $581 Back in Retirees’ Pockets
Seniors would not need to take such drastic measures if they actually received a fair COLA.
All of us here at the Council of Seniors are working hard to get Congress to passThe SAVE Benefits Act. This crucial bill will put $581 back in seniors’ pockets to make up for Social Security cost-of-living adjustments that were far too low for years.
Greedy Washington politicians are using retirees’ hard-earned money in other ways, but we’re dedicated to giving it back to those who are rightfully entitled to it.
Please take a moment and sign our petition today to show your support.