Senate Aging Panel Highlights the Importance of Financial Literacy

Published in RINewsToday on May 18, 2026

Chairman Rick Scott (R-FL) and Ranking Member Kirsten Gillibrand (D-NY) of the U.S. Senate Special Committee on Aging held a hearing last month called “Empowering Seniors Through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence.” The hearing, held during National Financial Literacy Month, focused on the need for financial education and income security for older Americans.

The April 15 hearing lasted just over an hour and focused on improving financial and retirement security for older Americans. During his opening remarks, Sen. Scott announced the release of a bipartisan 2026 Financial Literacy Booklet to help older Americans spot and avoid scams.

At SH-216, the Senate Aging Committee confirmed its continued work to protect older adults from financial exploitation and built on earlier efforts, such as the 2025 Fraud Report.

New Resource for a Secure Retirement

The new 39-page bipartisan booklet, Guarding Your Nest Egg: A Financial Resource for Older Adults, helps older Americans manage their finances, protect themselves from fraud and scams, and plan for a secure retirement.

As Sen. Scott noted: “For so many Americans, especially our seniors, it’s hard to find the information,” Sen. Scott said in his opening statement. “And when you do find it, it’s often incredibly complicated. As a country, we have done a poor job of ensuring people know their options and what route will work best for their needs.”

Sen. Scott says financial literacy is one of the most powerful and most underused tools to protect older Americans. “When they understand how their benefits work, they make better decisions,” he says.

“When they know how to read a financial statement and recognize bad actors, they’re harder to deceive. When they understand the difference between a legitimate investment and a pitch that’s too good to be true, they protect themselves. And when they know where to turn for trusted help, they realize they are not navigating this alone,” said the Florida Senator.

Finally, Sen. Scott added, “The best part is that this doesn’t require a new government program or more federal bureaucracy.” He stressed that the solution is not more federal spending, but “clear information, trusted messengers, and a commitment to getting that information into people’s hands.”

The Senate Aging Committee’s new booklet helps readers make smart retirement and financial decisions. It covers an array of topics, including Social Security, Medicare, housing, charitable giving, disaster preparedness, and even planning for unexpected events. Throughout its pages, practical advice is given to help older adults protect their savings and avoid fraud and scams.

Sen. Gillibrand, in her opening remarks, noted that over 11,000 Americans turn 65 every day. Longer lifespans mean more years in retirement, so careful retirement planning is needed, she says, stressing that aging populations put pressure on budgets and healthcare programs at all levels.

The New York Senator mentioned a recent statement by President Donald J. Trump, who suggested that Medicare and Medicaid should be managed by states rather than the federal government. She countered that comment, noting that since Medicare and Medicaid were enacted in 1965, older Americans have come to rely on these federal programs and expect them to be in place when needed.

Sen. Gillibrand pointed out that the Centers for Disease Control and Prevention data show about 44% of adults over 65 have a disability. Many people don’t see themselves in these statistics, and some find it difficult to plan to take care of a child or adult with special needs. Even when people set financial goals and save, unexpected events can still occur, she says.

Expert Witnesses disclose Insights on Financial Literacy

The Senate Aging Panel brought four expert witnesses from the Financial Industry Regulatory Authority (FINRA), the American Bankers Association Foundation, AARP, and the financial planning community to testify at the hearing. These witnesses stressed the value of financial literacy and highlighted the growing complexity of fraud schemes. They also called for a coordinated approach that leverages education, training, partnerships, and legislation to protect older Americans’ finances.

“For older Americans, financial literacy is not a luxury; it is key for building wealth, protecting savings and preserving autonomy,” says Christine Kieffer, Interim President of the FINRA Investor Education Foundation. Kieffer explained that financial literacy helps manage financial difficulties, but it is not enough to prevent scams. It should be combined with awareness of scams, an understanding of persuasion tactics, and a coordinated approach to ensure real protection.

Sam Kunjukunju, Vice President of Consumer Education at the American Bankers Association Foundation, suggested banks protect and educate older consumers, train bankers, work with law enforcement and adult protective services, and use technology. He also called for a nationwide education campaign and federal laws allowing banks to delay suspicious transactions.

From large banks to small community banks, these financial institutions offer fraud prevention workshops, online banking training, and financial wellness seminars, and coordinate outreach efforts with community organizations, says Kunjukunju, citing several examples.

Carly Roszkowski, AARP’s Vice President of Financial Resilience Programming, shared that 64% of adults worry about having enough money to retire, and nearly one in five non-retirees have no retirement savings. She discussed the real financial challenges older adults face.

AARP provides practical, easy-to-use digital tools (calculators, guides, and other resources) that enable older adults to make informed decisions about their financial future, thereby strengthening their long-term retirement security, says Roszkowski.

“The retirement system now shifts risk to the individuals, but education and support never caught up,” said Roszkowski in her testimony, explaining that the U.S. retirement system now places primary responsibility on individuals to manage savings, investing, and turning those savings into lifelong income.

“Financial literacy works – but only when it’s practical, sustained, timely, and paired with decision support,” adds Roszkowski.

Furthermore, Roszkowski argued that since individuals now bear more risk, financial literacy should be taught throughout one’s life. This approach should cover complex decisions that must be made in later years, as well as fraud risks, drawing on trusted, accessible sources.

In his testimony, Scott Kahan, a certified financial planner, also shared his experience navigating Medicare at age 65, even after 40 years in finance, to illustrate how complex it can be.

“Many people don’t use a financial planner for retirement planning. They might think they don’t have enough money or believe free help online is enough,” says Kahan, warning that this belief is often wrong and misleading.

Getting help from skilled, ethical financial planners like CFPs is essential and should not be considered a luxury, Kahan states, describing this assistance as a lifeline for managing financial complexity and avoiding fraud.

At this hearing, the expert witnesses said that today’s scams are sophisticated schemes that use Artificial Intelligence, voice cloning, and psychological manipulation. They also pointed out how hard it is to make wise choices about when to take Social Security, enroll in Medicare, and manage savings, especially when information is complex, hidden, and difficult to find on government websites, or even biased.

The witnesses also called on banks, government, regulators, nonprofits, and law enforcement to work together to help older Americans make better financial decisions and avoid scams. They often said that information and warnings should come from trusted sources such as family, bankers, financial planners, or groups like AARP.

A Final Note…

Hopefully, the testimony at the Senate Aging Committee hearing will push Congress to move quickly to establish a “uniform national framework” that eliminates inconsistencies among state laws and better protects older Americans from today’s increasingly sophisticated fraud and scams. Possible steps include a federal “safe harbor” law allowing banks to delay disbursements or temporarily hold transactions when fraud is suspected, the creation of new task forces focused on combating elder fraud, and increased funding for national financial literacy campaigns.

The witnesses’ testimony about scams and complex systems may prompt federal agencies, such as the Securities and Exchange Commission, the Social Security Administration, and the Centers for Medicare & Medicaid Services, to make their communications and processes easier for older adults to access.

To watch the April 15 Senate Aging Committee Hearing, go to Empowering Seniors through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence | United States Senate Special Committee on Aging

Download/read the “Guarding Your Nest Egg, a Financial Resource Guide for Older Adults: https://www.aging.senate.gov/imo/media/doc/guarding_your_nest_egg_a_financial_resource_guide_for_older_adults.pdf

Aging Groups Say 2026 Social Security COLA Falls Short of What’s Needed for Seniors

Published in RINewsToday on October 27, 2025/

On October 24, the Social Security Administration (SSA) announced a 2.8 percent Cost-of-Living Adjustment (COLA) increase for 75 million beneficiaries, including those receiving Old-Age, Survivors, and Disability Insurance (OASDI) and Supplemental Security Income (SSI) payments.

Specifically, nearly 71 million Social Security beneficiaries and OASDI recipients will see a 2.8 percent COLA starting in January 2026. In contrast, SSI recipients will begin seeing their increased payments on December 31, 2025. (Note: Some individuals receive both Social Security benefits and SSI.)

According to the SSA, the average Social Security retirement benefit will increase by approximately $56 per month, bringing the average monthly check to $2,071, up from $2,015 in 2025. For married couples, the average increase will be $88, raising their monthly benefit from $3,120 in 2025 to $3,208 in 2026.

Over the past decade, the average COLA increase has been about 3.1 percent. (Note our calculations, below, which excluded the highs and lows due to COVID comes out with an average of 2.6%). For 2025, the COLA was 2.5 percent. However, in historical terms, this COLA ranks about average, coming in 29th out of the 51 COLAs announced since the government began tying COLAs to the Consumer Price Index (CPI) in 1975, according to The Senior Citizens League (TSCL).

The Social Security Act mandates how the COLA is calculated, tying it to the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), as determined by the Department of Labor’s Bureau of Labor Statistics.

The SSA’s announcement, originally scheduled for October 15, was delayed by nine days. According to the federal agency and multiple news outlets, the delay was caused by furloughed employees at the Bureau of Labor Statistics, which hindered the timely release of the September CPI-W report during the federal government shutdown.

Other annual adjustments, effective each January, are based on increases in average wages. For 2026, the maximum amount of earnings subject to Social Security taxes (the taxable maximum) is expected to rise to $184,500 from $176,100.

“Social Security is a promise kept, and the annual cost-of-living adjustment is one way we ensure benefits reflect today’s economic realities and continue to provide a foundation of security,” said Social Security Administration Commissioner Frank J. Bisignano in a statement announcing the 2026 COLA. “The cost-of-living adjustment is a vital part of how Social Security delivers on its mission.”

Notification of 2026 COLA Increase

The SSA will begin notifying beneficiaries about their new benefit amounts by mail in early December 2025. As in previous years, beneficiaries will receive a simplified, one-page COLA notice that uses plain language and provides details on their new benefit amount and any deductions.

Beneficiaries with a “my Social Security” account can view their COLA notices online, which is secure, easy, and faster than receiving a letter in the mail. Account holders can also set up text or email alerts for new messages, including COLA notifications. That information should be out in the first or second week of November.

To receive COLA notices online, individuals must create or sign in to their personal “my Social Security” account and opt out of paper notices by November 19, 2025. Create an account at www.ssa.gov/myaccount. In addition to COLA notices, account holders can also access their Social Security card replacement request, claim status, benefits information, and SSA-1099 forms.

Information about Medicare changes for 2026 will be available at www.medicare.gov. For Medicare enrollees, 2026 premium amounts will be available via the “my Social Security” Message Center starting in late November. Those who have not opted for online notices will receive their COLA notices by mail in December.

Aging Advocacy Groups Call New COLA “Inadequate”

According to an AARP survey, conducted in Sept. 2025, even a COLA around 3% was viewed “insufficient to do the job,” says Bryan Miller, AARP Research. Only 22% of Americans age 50-plus agree that “a COLA of right around 3% for Social Security recipients is enough to keep up with rising prices,” while 77% disagree, stated, noting that this sentiment was consistent across political party affiliations, with large majorities of republicans (75%), Independents (82%) and Democrats (79%) expressing disagreement,” noted Miller in a web article published on Oct. 21, 2025.

“Nearly three-quarters (72%) of older Americans selected 5% or higher, with one quarter (25%) indicating that an 8% increase would be necessary to keep pace with rising costs. Responses to this question were consistent across political party affiliations,” adds Miller.

With the SSA’s announcement of the 2026 COLA three days later, aging advocacy groups expressed concern over the adequacy of the increase.

“Over the past year, many older Americans have been financially squeezed, and Social Security is a key to their financial stability,” said AARP Chief Executive Officer Myechia Minter-Jordan. “AARP has fought for Social Security for decades — including efforts to protect the COLA from cuts,” she said.

Nancy Altman, President of Social Security Works, echoed these concerns, noting that the COLA fails to fully address rising costs, especially healthcare. “This year, Medicare Part B premiums are projected to rise by about 11.6 percent, nearly double last year’s increase,” Altman said. “For the average beneficiary, this will consume nearly half of their COLA increase. For some, it will use up the entire COLA increase — all while the costs of other necessities, such as food and housing, continue to climb.”

Altman also pointed out that Social Security beneficiaries who are not yet eligible for Medicare and rely on the Affordable Care Act (ACA) marketplaces for insurance face even steeper challenges. “Next year, ACA premiums are expected to rise sharply, with those over 50 being hit hardest.”

Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare (NCPSSM), agreed, saying, “The 2.8% COLA will be a disappointment for many seniors struggling to cover their bills. This is the second lowest COLA since 2021 and only a slight increase from this year’s rate.” He added that the COLA doesn’t keep pace with inflation, particularly in areas where prices are rising sharply, such as medical, housing, and grocery costs.

Richtman and NCPSSM have long advocated for a more accurate COLA formula, specifically the Consumer Price Index for the Elderly (CPI-E), which would better reflect the spending patterns of older adults, who tend to allocate more of their income to healthcare and housing. “The CPI-W, which is used to calculate the current COLA, does not accurately capture seniors’ spending habits,” Richtman said.

“The 2026 COLA is going to hurt seniors. Year after year, they warn that Social Security’s meager increases won’t be enough, and the U.S. Census Bureau estimates that about 10 percent of retirement-age Americans live in poverty. However, our research suggests that the number may be higher. It’s about time our elected representatives show up for seniors, or else seniors won’t show up for them at the voting booth,” states TSCL’s Executive Director Shannon Benton.

Richard Fiesta, Executive Director of the Alliance for Retired Americans calls for Congress to make strengthening and expanding social Security national priority. “If billionaires and the wealthiest 1 percent pay their fair share, we can boost benefits for everyone and guarantee the program’s solvency for future generations,” he suggests.

Fixing the COLA Formula

Social Security Works, TSCL, the NCPSSM, Alliance for Retired Americans and AARP are all calling on Congress to adopt the CPI-E to calculate COLAs. The CPI-E more accurately reflects the spending habits of seniors, particularly in categories like healthcare and housing, which are weighted more heavily in the CPI-E. Adopting this index would likely result in higher COLAs for Social Security beneficiaries.

NCPSSM’s Richtman supports several pieces of legislation that would adopt the CPI-E, including bills sponsored by Senators Bernie Sanders and Mazie Hirono, and Representatives John Larson, Val Hoyle, and Jill Tokuda. “This change is long overdue,” he said. “Instead of expecting seniors to scrape by, Congress should act now to help beneficiaries better cope with rising living costs.”

Senior Fellows Give Time to Non-Profits

Published in RINewsToday on January 20, 2025

By Herb Weiss

When a state law was enacted in 2024 allowing families to install monitoring cameras in the nursing home rooms of their loved ones, Ginny Lee, one of Leadership Rhode Island’s first Senior Fellows, was among those celebrating.

Lee had spent a lot of time button-holing legislators and testifying before House and Senate committees in support of the bill, which is intended to protect nursing home and assisted living residents from physical, verbal and sexual abuse.

By advocating for passage of the “Grammy cam” surveillance law, Lee was fulfilling the civic commitment she made in 2023 as a member of the inaugural Senior Fellows program, a joint effort of LRI and Age-Friendly RI.

Empowering older adults to take “an active role in shaping the state’s future” is exactly what James Connell, Age-Friendly’s executive director, had in mind when he approached LRI’s then-new Executive Director, Michelle Carr,to create the Senior Fellows program.

Though Lee was among the Senior Fellows who successfully fulfilled their commitments to improve the lives of older Rhode Islanders, some Fellows in the first cohort struggled to find a way to make good on their respective pledges.

Feedback from the pilot program indicated that more structure would help participants carry out their civic commitments, says Lyanh Ramirez, LRI’s development manager.

That’s why the 2024 Senior Fellows program offered participants the option of volunteering with a community organizationalready engaged in age-friendly issues and activities.

The goal was to connect participants “to the causes and efforts they were passionate about,” Ramirez says. “There are so many wonderful initiatives already happening that we didn’t want to duplicate efforts.”

Participants, ranging in age from 62 to 86, attended eight sessions in May and June during which they discussed the needs and challenges of the state’s older population and many other topics.

Of the 28 participants, five are LRI alumni: Ray Pouliot, Barry Couto, Jodi Glass, Patricia Raskin, and Patty Cotoia.

Intergenerational communication was the focus of one session in which LRI alumni from different generations joined a discussion on ageism. Other sessions dealt with the value of knowing one’s strengths, and legislative activity related to healthy aging.

Participants also heard directly from each of the nine partner organizations that had agreed to work with one or more of the newly minted Senior Fellows until the end of the year.

Partner organizations included the Rhode Island affiliates of Age Friendly, the AARP, Meals on Wheels, PACE, the Senior Agenda Coalition, the Village Common and the United Way, along with the state Department of Health and the Coventry Human Services/Resource & Senior Center.

Here’s a sampling of what some of the Senior Fellows accomplished:

Five Senior Fellows are contributing in different ways to the state Health Department’s efforts to make quality-of -life-improvements for those with Alzheimer’s Disease and Related Disorders (ADRD).

“They’ve all been very active,” says Victoria O’Connor, chair of the statewide ADRD Advisory Council that developed a five-year plan of strategies and activities to support those with dementia and their caretakers.

Joe McCarthy came up with the idea of finding out what other states are doing to address ADRD issues and to compare their plans with Rhode Island’s current five-year plan.

Two others, Brian Grossguth and Roland Moussally, did some “boots-on-the-ground” research. Grossguth visited two senior centers to get a sense for what resources are needed to better serve those with dementia; Moussally met with members of a group in Pawtucket to learn how they are incorporating the needs of residents with dementia in Pawtucket’s Age-Friendly action plan.

Meanwhile, Kathy Trier and Gary Avigne have contributed research to guide a new mini-grant program to support community initiatives for those with dementia.

They researched other grant applications for similar amounts of funding – less than $5,000 – to inform the development of the ADRD application. Trier and Avigne also assisted in the creation of a scoring matrix to compare the responses of applicants.

The five Senior Fellows presented their findings at the November meeting of the ADRD Advisory Council, the group that oversees progress in implementing the strategies in the 2024-2029 State plan.

Five other Senior Fellows volunteered at the AARP. Four focused on efforts to make communities age-friendly.

“It’s important for everyone to have a safe place to walk, ride a bike, or even push a baby carriage,” explains Ray Pouliot, 77, retired East Greenwich school teacher.

The first hurdle for joining the AARP Network of Age-Friendly States and Communities is getting a commitment from local officials.

At the start of his work with AARP, Pouliot noted that being a resident of East Providence “and personally knowing the mayor might help get this initiative up and running.”

He was right. In October, Pouliot, Deborah Perry, also from East Providence, and a small AARP delegation, met with Mayor Roberto L. DaSilva to explain what it takes to become an Age-Friendly city.

The mayor agreed on-the-spot to support the effort. Pouliot and Perry get “full credit” for the success, says Matt Netto, AARP’s associate state director for outreach and advocacy.

Mary Ann Shallcross Smith, a state representative and President of Dr. Day Care Learning Centers, chose to concentrate on sidewalk improvement efforts because “all the phone calls I get from many people in my hometown of Lincoln” are about sidewalks.

Shallcross Smith says working on the AARP initiative complements her legislative interests to ensure sidewalk safety. She introduced a bill in the 2024 legislative session to maintain sidewalks and curbs along the state’s highways. The bill didn’t make it, but she intends to re-introduce a revised version in 2025.

“If there are no holes or cracks in sidewalks it will enable people who want to take a walk,” says Shallcross Smith. “It’s free exercise!”

She and Netto of the AARP also plan to approach Town Administrator Philip G. Gould soon to urge that Lincoln consider joining the AARP Network of Age-Friendly States and Communities.

Senior Fellow Perry, 62, president and CEO of the YWCA, says she opted for the Livable Communities program “because it resonates with me.” She once worked as a municipal planner.Perry, who expects to retire in August, 2025, says she will conduct a sidewalk audit in a Providence neighborhood to fulfill her Senior Fellow pledge. After retiring, she hopes to have time to get involved in East Providence’s Age-Friendly program.

In October, Senior Fellow Janis Solomon, who retired in 2008 after 43 years as a professor of German Studies at Connecticut College, joined a sizable group of Rhode Islanders learning how to conduct a sidewalk audit. She will audit streets in a neighborhood in Providence.

A fifth Senior Fellow, Vince Burks, 64, former communications director at Amica Insurance Company, chose to volunteer for the AARP’s public speaker’s bureau. ”I have experience with public speaking and public affairs, so I felt this would be a good fit,” he says.

The Senior Fellows program is offered tuition-free. Carolyn Belisle, vice president of Corporate Social Responsibility at Blue Cross and Blue Shield of Rhode Island, says she was thrilled to join Age Friendly as a sponsor of the innovative program.

Herb Weiss

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Senior Fellows Give Time to Non-Profits