Retirees are bracing for only a modest bump in their Social Security checks next year, and many fear tariffs could make things worse.
The 2026 cost-of-living adjustment (COLA) is projected at 2.7 percent, just slightly higher than this year’s 2.5 percent increase. For most seniors, that won’t be enough to keep up with rising costs for essentials like housing, electricity, and medical care.
A new survey from the Nationwide Retirement Institute found that half of retirees are deeply concerned about how tariffs could hit their income and savings. More than six in ten believe tariffs will drive inflation beyond what the COLA can cover. Many are already cutting back, even on groceries and health care.
Economists warn that while overall inflation looks steady for now, tariffs could push prices higher in the months ahead. For seniors living on fixed incomes, that means 2026 could bring tighter budgets and tougher choices. Read more about this pressing issue here.
We don’t think seniors should be living in fear that they won’t be able to afford life essentials after a cost-of-living adjustment. Social Security needs to do more. That’s why we are pushing for Congress to pass the Elder Relief Act. Learn more about this important legislation here.