The findings come as millions of seniors report financial pressure linked to housing, transportation and healthcare costs. According to TSCL’s 2026 Senior Survey, nearly three-quarters of older adults depend on Social Security for at least half of their income, while many say their monthly benefits have lost purchasing power over time.
Seniors Report Limited Incomes and Growing Reliance on Social Security
The TSCL survey collected responses from 904 Americans over age 62 who were eligible for Social Security benefits. The responses were weighted against U.S. Census Bureau population data to represent the wider senior population.
According to TSCL, about 44% of respondents reported monthly income between $1,001 and $2,000, while 10% said they lived on less than $1,000 per month. Applied to the estimated senior population, the organization calculated that around 24.5 million older Americans could be living on $1,001 to $2,000 monthly and about 5.6 million could have incomes below $1,000.
Social Security remains a central part of retirement finances for many households. TSCL reported that 75% of seniors depend on the program for more than half of their income, with around 44% relying on Social Security for all of their income.
Housing costs remain a major concern for older renters. A 2023 report from the Department of Health and Human Services found that people aged 55 and older represent roughly 20% of the sheltered homeless population. The report noted that many older adults face housing challenges because fixed incomes may not cover rising expenses.
Seniors Report Limited Incomes and Growing Reliance on Social Security COLAs
Social Security cost-of-living adjustments are currently calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The measure tracks spending patterns among working households rather than retirees.
The latest adjustment increased benefits by 2.8%. According to TSCL’s survey, 89% of respondents said they believed the increase was not enough to match inflation. The organization estimated that Social Security benefits lost about 13.7% of their buying power between 2016 and 2026.
TSCL is calling for a different inflation measure, the Consumer Price Index for the Elderly (CPI-E), to be used when calculating future adjustments. The group argues that this index better reflects spending patterns among older Americans, particularly because healthcare costs represent a larger share of many retirees’ budgets.
A separate proposal, the Social Security 2100 Act, would change the COLA calculation from 2027 through 2036 by allowing benefits to use whichever produces the higher adjustment between CPI-W and CPI-E. According to Newsweek, supporters of the proposal argue that it could better reflect senior expenses, while critics point to concerns about the long-term financial condition of Social Security.
The legislation’s future remains uncertain. Experts cited by Newsweek said changes to the COLA formula could become part of broader discussions about Social Security reform, including questions about program funding and future benefit levels.
For many seniors, the debate centers on whether annual adjustments accurately reflect the costs they experience. The TSCL survey found broad support among older Americans for changes to Social Security, including a senior-focused inflation measure and other benefit reforms.
