Despite the upcoming 2.5% adjustment in Social Security benefits for 2025, many seniors remain concerned about their ability to make ends meet. This adjustment, known as a COLA (Cost of Living Adjustment), is significantly less than 2024, when beneficiaries received 3.2%, and much lower than the historic 8.7% in 2023. While the COLA is intended to help retirees cope with the rising cost of living, many feel this increase is not enough to meet their basic needs.
As Yahoo publishes, Sherri Myers, an 82-year-old retiree from Pensacola, Florida, is a clear example of this struggle. Despite receiving Social Security benefits, Myers has decided to seek part-time employment at Walmart to meet her expenses. “I wish I could eat better, but I just can’t afford it,” she explained. “When I go to the grocery store, I avoid vegetables because they are too expensive. Even a fast food meal has become unaffordable.”
The COLA for 2025 will bring an average increase of just over $40 a month for retirees, which, for many like Myers, is not enough to cover the rising prices of food, medicine and other essential goods. Although inflation has moderated, the economic impact remains severe for the most vulnerable.
Social Security Commissioner Martin O’Malley acknowledged the challenges facing retirees. “I understand that many feel that this adjustment is not enough, and they are not wrong,” he said. “I’ve heard stories of seniors who have to spend their money on medicine and other expenses specific to old age, which makes any increase feel insufficient.” O’Malley also noted that the Biden-Harris administration’s policies have succeeded in reducing the cost of prescription drugs for many, but the reality is that millions of beneficiaries continue to face hardship.
The problem is compounded by the uncertain financial situation of the Social Security system. According to a recent report, the Social Security trust fund may not be able to pay full benefits beyond 2035. If that happens, beneficiaries could receive only 83% of what they would be entitled to.
In the meantime, retirees like Sherri Myers continue to look for alternatives to survive amid a system that doesn’t seem to offer enough solutions. For Myers, a job at Walmart is not a choice, but a necessity to cover what her Social Security check no longer can.