The 2024 Senior Survey conducted by The Senior Citizens League, a non-profit advocacy organization, exposes a notable financial burden on seniors this year.
A concerning trend from the survey indicates that 71% of respondents say that an increase in household costs are exceeding the 3.2% COLA they received this year.
The survey also indicates that 43% of those asked experienced a continuing increase in household expenses, surpassing $185 per month in 2023.
The survey results are based on 1,157 survey responses. Other indicators from it include:
- 53% said they have spent their emergency savings.
- 61% indicated that food is their most increased expense.
In February, the TSCL estimated the 2025 Cost of Living Adjustment (COLA) to be 1.75%. The 2024 federal retiree cost-of-living adjustment (COLA) was 3.2 percent for those under the Civil Service Retirement System (CSRS) and 2.2 percent for those under the Federal Employees Retirement System (FERS).
SEE ALSO: 2025 COLA WATCH
The 2025 COLA will not be officially announced by the Social Security Administration until mid-October. The SSA will calculate the percent change between average prices in the third quarter of the current year (ending on Sept. 30) with the third quarter of the previous year.
“If the COLA increases by 2.6% [in 2025], that will be an approximately $45 increase,” said Shannon Benton, a director who oversees estimates of the Social Security Cost-of-Living Adjustment for TSCL. “What can you buy for that? Not much.”
“From long-term dwindling purchasing power to heightened financial uncertainty, the trouble of seniors not being able to make ends meet remains a pressing concern of The Senior Citizens League,” Benton said.. “And it should be a pressing concern of Congress as well.”