RetireSafe maintains an ongoing COLA Impact Survey to determine the opinions of American seniors on their annual Social Security cost-of-living adjustment (COLA), and whether they believe it is keeping up with their actual cost of living.

RetireSafe has long been supportive of the Consumer Price Index for the Elderly Act (H.R. 2032 and H.R. 1953 in this Congress) that would fix the formula that COLA’s are calculated on to take into account the higher costs on medicines, insurance, and consumer goods seniors face in retirement.

Click here to participate in our survey. Following are some preliminary results for our 2007 COLA Impact Survey:

1. 67% of seniors surveyed feel that their personal living expenses increased higher than the 3.3% COLA they received for 2007.
2. 82% agreed that the Social Security Administration has never surveyed them regarding their actual cost-of-living increases.
3. 77% demand that Congress should establish a consumer price index for the elderly that takes into account the differences between their lifestyle and that of younger working families.
4. 86% have seen an increase in their prescription drug costs.
5. 91% have seen an increase in their energy (gas, heating oil, electricity, etc..) costs.
6. 92% have seen an increase in their monthly grocery bill.
7. 72% have seen their real estate taxes go up.
8. 70% have had personal property taxes increase.
9. 75% are paying more for their Medicare Gap Insurance.
10. 79% have had their homeowners or renters insurance go up.
11. 54% believe that their cost-of-living is higher than other states and regions of the country.