Social Security recipients are poised to get their biggest cost-of-living adjustment (COLA) in years – an additional $70 per month on average – but don’t celebrate just yet.
According to an article by Cleveland.com, the 2027 COLA is expected to be around 3.5 percent. While that’s higher than this year’s 2.8 percent and last year’s 2.6 percent, seniors will still struggle against rising inflation. Grocery bills, housing costs, healthcare expenses, and insurance premiums have been steadily increasing, and the COLA just can’t keep up, so retirees lose buying power.
Making matters worse, seniors must wait for a COLA to catch up with prices that have already driven up their expenses. It’s a continual cat-and-mouse game.
Council of Seniors is Here to Help Older Americans
All of us here at the Council of Seniors want to improve retirees’ financial futures and ensure they receive their full Social Security benefits. We are working with members of Congress to introduce the “Social Security Restitution Act.” It would provide an estimated $970 one-time payment to every retired worker receiving Social Security benefits, to help offset years of inadequate cost-of-living adjustments.
According to the Council of Seniors’ Executive Director Barbara Godwin, “For years, seniors have watched their Social Security checks fail to stretch as far as they should, while the cost of everyday essentials keeps climbing. This legislation is a straightforward, targeted way to help make up for COLAs that didn’t reflect what retired Americans were actually paying to get by.”
Please take a moment and sign our petition today to show your support.