44% of Older Americans Rely Entirely on Social Security; 2027 COLA Announced
According to The Senior Citizens League's 2026 Senior Survey, approximately 44% of retirees in the U.S. rely solely on Social Security for their retirement income, a significant increase from the previous year’s figure of 39%. This highlights growing concerns about inadequate personal savings among older Americans. The 2027 cost-of-living adjustment (COLA) has been announced at 3.6%, marking an inflation-based boost to Social Security benefits. The average monthly benefit is expected to rise from $2,089 in 2026 to approximately $2,164 in 2027, adding about $75 per month or roughly $901 annually. However, the increase may not fully offset rising living costs for many seniors. Additionally, Medicare premiums are also increasing and could reduce the net benefit of the COLA. Long-term concerns remain as Social Security’s financial reserves shrink; without congressional action, benefits might eventually decrease by around 22%.
Topics: cost of living adjustment (COLA) financial planning retirement social security