The March CPI-W (Consumer Price Index for Urban Wage Earners and Clerical Workers) came in at 3.5%. That's higher than the inflation trends indicated last month based on February’s CPI-W data. Based on this trend, The Senior Citizens League (TSCL) is adjusting the long-term forecast COLA to 2.6% in 2025.
According to TSCL's 2024 Senior Survey, the following results are based on 1,157 survey responses.
- 43% report household expenses increased by over $185 per month in 2023.
- 71% indicated their household costs rose more than 3.2% in 2023 (the year used to determine the COLA).
- 53% said they have spent their emergency savings.
- 61% indicated that food is their most increased expense.
TSCL estimates may change monthly, relying on the latest CPI data. The final COLA for 2025 may differ from these estimates because it's computed based on the average inflation rate during the third quarter (July, August, and September) and then compared to the same period a year prior. Six months' worth of data still needs to be collected, leaving plenty of room for change.
Quotes from Shannon Benton, Executive Director of The Senior Citizens League:
“The 2024 Senior Survey conducted by The Senior Citizens League, a non-profit advocacy organization, exposes a notable financial burden on seniors. Results show that 43% of those surveyed experienced a continuing increase in household expenses, surpassing $185 more per month in 2023."
“In The Senior Citizens League’s 2024 Senior Survey, a concerning trend emerges as 71% of respondents highlight an increase in household costs exceeding the 3.2% COLA they received for 2023.”
“If the COLA increases by 2.6%, that will be an approximately $45 increase. What can you buy for that? Not much, said Shannon Benton, a director who oversees estimates of the Social Security Cost-of-Living Adjustment for The Senior Citizens League.”
“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, according to its Executive Director, Shannon Benton, and it should be a pressing concern of Congress as well.”
Contact: Shannon Benton
Executive Director
TSCLPress@tsclhq.org
703-548-5568
