Senior Sentiments on the Social Security COLA Increase

How seniors feel about the 2025 COLA increase Concerns over Social Security's future stability Resources > General General Senior Sentiments on the Social Security COLA Increase Written by Sarah Aitchison Attorney Published November 18, 2024 1 min read The Social Security Administration's recent announcement of a 2.5% cost-of-living adjustment (COLA) for 2025 has raised concerns among older Americans. Following the increases of 3.2% in 2024 and 8.7% in 2023, seniors are now facing a more modest adjustment.

We surveyed over 600 Americans aged 62 and older to better understand their perspectives on the new COLA and gauge their confidence in the future stability of Social Security. This 2.5% COLA increase is the lowest since 2021 but is fairly close to the 20-year average of 2.6%.

Key takeaways

Among seniors receiving Social Security benefits, 96% feel the 2.5% COLA increase is inadequate, and 80% are dissatisfied with the adjustment.
84% believe the COLA increase is too low, and 38% suggest it should be at least 10%.
87% of seniors plan to supplement their Social Security income, with nearly 1 in 10 (9%) resorting to full-time jobs.
43% are not confident that the Social Security program will provide stable benefits over the next decade.

How seniors feel about the 2025 COLA increase

91% of seniors receiving Social Security benefits are aware of the 2.5% COLA increase for 2025 . Among them, 96% feel the adjustment is insufficient, and 80% are dissatisfied.
87% of seniors plan to supplement their Social Security income, with nearly 1 in 10 (9%) resorting to a full-time job. Over a third (35%) plan to take on a side hustle.
Prior to the election, nearly 1 in 10 (8%) said this adjustment would influence their voting decision.

How much should the COLA increase?

84% of seniors believe the COLA increase is too low, with 38% saying it should be at least 10%.
On average, seniors believe the COLA increase should be 11.3% for 2025.

Concerns over Social Security's future stability

43% are not confident that the Social Security program will provide stable benefits over the next 10 years.
75% worry that COLA increases won't keep up with the actual cost of living.

Methodology

We surveyed 672 Americans aged 62 and older to explore their sentiments on the COLA increase. Among the respondents, 81% received Social Security benefits, while 19% did not.

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Sarah Aitchison

Attorney

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