FOX Business\u2019 Darren Botelho joined “Varney & Co.<\/a>” to report on the senator’s concerns about Social Security\u2019s finances and the impact of rising prices on retirees.<\/p>\n Sen. Bill Cassidy warns that time is running out for Congress to address Social Security\u2019s looming funding shortfall as rising costs put pressure on retirees. (Kevin Dietsch \/ Getty Images)<\/p>\n The warning comes as beneficiaries prepare for a 3.6% cost-of-living adjustment in 2027, which Botelho reported would amount to roughly $75 more per beneficiary per month. The increase is intended to help recipients manage higher everyday expenses, but larger benefit payments also put pressure on a system facing a long-term financing gap.<\/a><\/p>\n SOCIAL SECURITY CHIEF BISIGNANO SAYS PROGRAM WILL ‘BE AROUND FOR ANOTHER 90 YEARS’<\/a><\/p>\n Cassidy argued that the latest adjustment makes congressional action more urgent<\/a>, warning of steep consequences if lawmakers fail to address the shortfall.<\/p>\n Michael A. Peterson, CEO of the Peter G. Peterson Foundation, discusses the fiscal challenges facing the U.S. and why policymakers need to pursue solutions.<\/p>\n “The fact that the COLA is that much higher, obviously reflects recent inflation, but I think it’s going to drain the trust fund that much faster,” Cassidy said. “So if we now have like five and a half years until the trust fund goes empty, at which point by law, there’ll be a 28.5% benefit cut or Congress ignores the law and just starts to borrow money like crazy to pay benefits, the clock is ticking.”<\/p>\n SOCIAL SECURITY ANNOUNCES COST-OF-LIVING ADJUSTMENT FOR 2027<\/a><\/p>\n Cassidy has proposed placing $1.5 trillion into a separate investment account<\/a> to help narrow the projected funding gap. Botelho reported that Cassidy wants Congress to act before the situation worsens.<\/p>\n Meanwhile, advocates for older Americans say annual benefit increases are not necessarily keeping pace with the costs retirees face<\/a>. AARP Senior Vice President Bill Sweeney pointed to concerns among older adults who depend on monthly payments.<\/p>\n State Financial Officers Foundation CEO OJ Oleka joins Stuart Varney to discuss the critical need for a retirement savings revival. Oleka explains why retirement savings must not remain stranded and shares solutions for workers.<\/p>\n “76% of older adults tell us that it isn’t enough, that the COLA isn’t keeping up with inflation\u2026 These are people who really rely on Social Security and especially the COLA to make sure that they can continue to pay their bills. ” Sweeney said.<\/p>\n The competing pressures leave lawmakers facing a difficult question, how to protect retirees\u2019 purchasing power while addressing Social Security\u2019s long-term finances.<\/p>\n![\"Social](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/10\/us-social-security-card.png\")
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