Nearly One-Third of Social Security Recipients Cut Back on Essentials Due to Rising Costs

Key Takeaways Between 2010 and 2024, COLAs increased recipients' Social Security benefits by 58%, while inflation increased seniors' expenses by 73% in the same time frame, according to research by The Senior Citizens League. As a result, millions of retirees are left trying to decide where to cut corners and where to stretch their dollar. "A low COLA, like the 2.7% being projected for 2026, will mean [retirees] are losing buying power and will need to scale back on expenses, dip into their savings more (if ...