Di Senior Citizens League, wey be one of di biggest nonpartisan groups for seniors for America, don drop dia latest prediction for Social Security COLA for 2027. According to dia model, di cost-of-living adjustment fit climb reach 3.9 percent. But many retirees dey ask: wetin be 3.9% when everything don cost plenty?
Inflation don rise back to levels wey remind people of early 2020s. Seniors dey complain say di cost of essentials dey outpace dia monthly budget. Di supermajority of retirees agree say rising costs for things like Medicare premiums, housing, utilities, and groceries dey swallow any gain wey COLA bring.
Some seniors don already start to cut back on essential healthcare services just to make ends meet. According to a previous TSCL survey, more dan 57 percent don skip one or more medical products or services for di last year because of cost. Dis one show say di financial strain dey real.
TSCL Executive Director Shannon Benton talk say di organization dey monitor di situation well well. Di league dey use statistical model wey include Consumer Price Index, Federal Reserve interest rate, and national unemployment rate to predict COLA. Di model dey update every month, and e dey adjust based on economic conditions.
Di new version of di model, wey start for January 2025, don change how e handle dates. Now e dey process data according to federal fiscal year, not calendar year. And e dey reduce reliance on previous predictions wey dem make throughout di fiscal year.
Di Senior Citizens League dey represent seniors wey dey actively protect dia Social Security, Medicare, and veteran or military retiree benefits. As COLA prediction dey climb, di question wey dey mind many retirees be: go e enough to cover di real cost of living?
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