Social Security beneficiaries hoping for a substantial cost-of-living adjustment (COLA) in 2025 may have be out of luck—especially seniors. The COLA in 2023 was 8.7 percent, a significant increase from the 5.9 percent in 2022. However, the 2024 COLA dropped to 3.2 percent, leaving seniors struggling financially against the high cost of living.
Those expecting the number to go up or at least stay the same are likely in for some disappointment. Experts project that the COLA for 2025 is going to drop to around 2.6 percent. This is not nearly enough to make retirement livable for many American seniors.
The current system places older Americans in a troubling situation, with inflation eroding their purchasing power and making basic necessities increasingly unaffordable. It is evident that American seniors need to see real change.
A bill we call The Elder Relief Act would give older Americans the Social Security boost they need. This legislation aims to address the financial struggles of seniors by ensuring that their benefits keep pace with the rising cost of living.
Learn more about this legislation here. Together, we can advocate for the changes needed to support our seniors in living a dignified and secure retirement.