According to a statement released on June 20 by the Senior Citizens League (TSCL), a senior advocacy group, approximately 21.8 million elderly Americans rely entirely on Social Security benefits to sustain their livelihoods. As of 2024, the Social Security Administration data shows that over 68 million Americans are beneficiaries of Social Security.
The TSCL reported that nearly two-thirds of the surveyed elderly individuals are dissatisfied with the amount of Social Security benefits they receive each month. 94% of respondents believe that the 2.5% cost-of-living adjustment (COLA) for 2025 is too low and fails to keep up with the inflation rate. COLA is an annual adjustment of Social Security benefits aimed at ensuring that the welfare funds keep pace with inflation. The SSA announces the adjustment in October each year, which goes into effect the following year.
Furthermore, many elderly Americans believe that the actual inflation rate last year was much higher than the government’s estimate. The U.S. Bureau of Labor Statistics estimated the inflation rate for 2024 to be 2.9%.
Up to 95% of the respondents believe that the federal government and Congress should prioritize reforming Social Security and Medicare. A majority support using a “inflation index that better reflects the actual economic situation of elderly individuals” to calculate COLA.
This survey was conducted from January to March, targeting 3,050 elderly individuals aged 62 and above who are eligible to receive Social Security benefits. Out of them, 1,920 provided sufficient data to be included in the analysis.
According to the survey report, the median monthly living expenses for elderly Americans range from $1,000 to $2,000, including 13% of elderly individuals whose monthly living expenses are below $1,000.
The report indicates that TSCL estimates around 7.3 million elderly Americans have monthly living expenses below $1,000, with an annual income of less than $15,650, falling below the federal poverty line for single households in 2025. TSCL also estimates that another 24.5 million people have monthly incomes ranging from $1,000 to $2,000.
The report highlights the difficulties faced by elderly renters, with 36% of respondents in this survey being tenants. As of May 2025, the average rent for a one-bedroom apartment in the United States is $1,327.
The survey also found that nearly 40% of elderly individuals “rely entirely on Social Security as their sole source of income,” with around 73% depending on Social Security to provide over half of their income.
The report states that those who rely entirely on Social Security are more likely to live in extreme financial constraints. Overall, 20% of these elderly individuals have monthly incomes below $1,000, compared to 13% within the general elderly population.
The survey also found that many elderly individuals choose to begin receiving benefits early, resulting in a permanent reduction in the amount they receive. As per regulations, if benefits are claimed at ages 66 to 67, the amount is calculated based on individual earnings over the years. However, if benefits are claimed as early as 62, the monthly amount can be permanently reduced by up to 30%.
The report reveals that approximately 68% of elderly individuals begin receiving Social Security benefits before their retirement age. Of these, 42% apply as soon as they are eligible, resulting in a 30% reduction in benefits.
According to the report, the primary reason elderly individuals opt for early benefit collection is economic pressure. One-third of respondents stated that they claim benefits early because they cannot afford daily expenses like food or rent without the money. Another 22% mentioned that they do so to address sudden medical emergencies or ongoing health issues.
The majority of respondents advocate for reforming the calculation method of COLA, suggesting that a inflation index reflecting the life experiences of elderly individuals should be used instead of solely relying on the consumption habits of urban salaried workers.
Currently, COLA is calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, which reflects the spending patterns of these groups. TSCL advocates for switching to the Consumer Price Index for the Elderly, a index specifically tailored to calculate based on the consumption patterns of Americans aged 62 and above.