Social Security faces a 3.6% cost‑of‑living increase in 2028, according to the Senior Citizens League. The group demands a one‑time $1,400 stimulus payment to offset inflation and inadequate COLAs.
CPI rose from 2.4% in January to 3.7% in September, while energy prices jumped 20.4% year‑over‑year. Gasoline fell 7.5% in January but rose 34.2% by September.
TSCL says the 2026 COLA is too low; 89% of surveyed seniors say benefits will lag inflation. The organization called on the 120th Congress to act.
SSA announced a 3.6% COLA for 2027, the largest increase in four years. The fund’s trust balance may cover only 78% of scheduled benefits after reserves run out in Q4 2032.
Medicare Part A trust fund is projected to become insolvent in 2033, prompting TSCL to demand vision, hearing and dental coverage. The group also urged reversal of Medicare and Medicaid cuts in the One Big Beautiful Bill Act.
Tackling Insolvency
Lawmakers set to take office on Jan. 3, 2027 will shape Social Security’s future, with terms extending to Jan. 3, 2033, coinciding with the trust fund’s projected insolvency.
“The incoming class of Senators face an enormous responsibility to protect seniors’ dignity and ensure benefits for today’s retirees while reforming taxes for future generations,” said TSCL Executive Director Shannon Benton.
“Benefit reforms are possible even when parties split Congress and the White House,” Benton added.
“Protecting retirees is not a left‑ or right‑wing issue; everyone loses if Congress fails to act,” she concluded.
“Americans earning above $184,500 in 2026 pay no Social Security tax on income beyond that limit; removing the cap could close a large portion of the solvency gap.”
Marc Goldwein, senior vice president at the Committee for a Responsible Federal Budget, told the Senate Finance Committee that capping benefits for high earners at $100,000 for couples and $50,000 for individuals could close 20‑50% of the gap.
“Limiting COLAs for the wealthiest seniors to match lower‑income seniors’ increases could close up to one‑quarter of the gap while preserving inflation protection for all,” Goldwein said.
