The Social Security Administration announced that the cost-of-living adjustment for 2027 will be 3.6%. AARP says while it certainly appreciates that recipients will get more money next year, the increase only amounts to $900 for the year on average, or $75 a month. Andrew Muhl, the director of advocacy for AARP Louisiana, says most believe that pales in comparison to rising costs.
“We just released a new survey that shows about 3 out of 4 adults age 50 and older said that a projected 3.5% increase would not keep up with rising prices,” Muhl noted.
Muhl says with the COLA not keeping up with the rate of inflation, Social Security recipients say they may have to make some difficult decisions.
“Our survey also found that among those that are highly reliant on Social Security, 41% said they would be more likely to cut health services; and about 1 in 4 would delay medical care,” Muhl said.
Muhl says AARP Louisiana has been in contact with all of Louisiana’s congressional candidates to express its concerns about the looming insolvency of Social Security.
“It could be coming as soon as 2033. We could only be able to afford about 80% of what will be needed for Social Security payments,” Muhl explained.
