The government shutdown is delaying data that impacts the cost-of-living adjustments for millions of Social Security beneficiaries.

Washington

The ongoing government shutdown has delayed the release of cost-of-living adjustment (COLA) data for millions of social security recipients, affecting when seniors learn about changes to their benefits for the coming year. The delay is tied to the unavailability of federal inflation figures, which are used to calculate the annual adjustment. Advocacy groups, including the Senior Citizens League, note that the projected increase for next year is 2.7%, or about $54 more per month for the average retired worker. However, some recipients and advocates argue that the current calculation method does not adequately reflect the rising costs faced by the elderly, particularly in areas like health care and prescription drugs.

There are also concerns about the long-term stability of the social security trust funds, with recent projections suggesting that only 81% of benefits may be covered if funding issues are not addressed. While the delayed data is not expected to impact the timing of adjusted payments, the situation has prompted renewed calls for legislative changes to better align benefit adjustments with the actual expenses of seniors.

Shutdown stalls Social Security payments, leaving many seniors waiting

THE GOVERNMENT SHUTDOWN IS AFFECTING EVERYDAY PEOPLE. TODAY WE'RE FINDING OUT ABOUT HOW IT AFFECTS SENIOR CITIZENS. TODAY IS USUALLY THE DAY WHEN MILLIONS OF SOCIAL SECURITY RECIPIENTS WOULD LEARN ABOUT THEIR COLAS, THEIR COST OF LIVING ADJUSTMENTS FOR THEIR BENEFITS FOR THE NEXT YEAR. BUT THAT'S BEEN DELAYED BECAUSE OF THE GOVERNMENT SHUTDOWN. ALEX MILLER REPORTS. Sue Conard is a social security recipient and she's worried the benefits she receives from the program won't be enough for her to keep up with the growing cost of health care. Sue Conard, Social Security Recipient Social Security has been a life-changing program for me and my family for much of my life. That was Conard testifying on Capitol Hill in the spring. She was back in Washington last week with other retirees, lobbying for changes to social security benefits. The government shutdown is delaying data that impacts cost of living adjustments for millions of social security beneficiaries. That data is based on federal inflation figures. Next year, social security benefits are projected to be 2.7 percent higher according to the Senior Citizens League. That would mean an extra 54 dollars each month for the average retired worker. Shannon Benton, Social Security Recipient A 50 dollar difference for a senior citizen who's only relying on social security for their primary source of income can mean the difference between getting a prescription filled or not getting a prescription filled. Shannon Benton is the executive director of the Social Security Beneficiaries Program. She's also the director of the Social Security Beneficiaries Program. Shannon Benton, Social Security Recipient Shannon Benton is the executive director of the Senior Citizens League and says many recipients tell her even with the adjustment, the program is not keeping up with their rising costs because it's calculated off inflation data that doesn't focus specifically on the elderly. Shannon Benton, Social Security Recipient We would prefer that it be based on the CPIE, which is the consumer price index for the elderly, and that weights things like health care, prescription drugs, housing. A group of democratic lawmakers introduced legislation last year that would make that change but it's not going to. Shannon Benton, Social Security Recipient We would prefer that it be based on the CPIE, which is the consumer price index for the elderly, and that weights things like health care, prescription drugs, housing. A group of democratic lawmakers introduced legislation last year that would make that change but it's not going to. Shannon Benton, Social Security Recipient We would prefer that it be based on the CPIE, which is the consumer price index for the elderly, and that weights things like health care, prescription drugs, housing. A group of democratic lawmakers introduced legislation last year that would make that change but it's not going to. Shannon Benton, Social Security Recipient We're set to get delayed data on inflation on October 24th and that's the same day we're going to get information on the adjusted social security data. We're expecting that this will not impact the adjusted payments that people are set to receive and that starts on January 1st. We're also learning that trust funds could be impacted. How soon could we see real impacts from that? Shannon Benton, Social Security Recipient Yeah, it's specific to social security. The social security trust funds could be impacted. We already learned that this could be an issue, that the funding for it could run out in 2024. That's even earlier now than what was projected last year. And when that happens, if that happens, it'll be a huge shift in how much is going to be covered. And the expectation now is that only 81% of people are going to be covered. We're also learning that trust funds could be impacted. How soon could we see real impacts from that? Shannon Benton, Social Security Recipient Yeah, it's specific to social security. The expectation now is that only 81% of people are going to be covered. And the expectation now is that only 81% of social security benefits could be paid out.

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