Story perspectives

Treasury Shifts SS Cards to Fifth Third, Citing COLA Issues

7/5/2026

Summary

Story summary

The U.S. Treasury Department is replacing Comerica with Fifth Third Bank for Social Security debit cards.
Social Security calculates cost-of-living adjustment with third-quarter CPI-W data and announces it each October.
The CPI-W measure underestimates seniors’ spending, especially health-care costs.
The Senior Citizens League reports retirees lost about 20% of buying power from 2010 to 2024.
A cost-of-living adjustment is not guaranteed, and none occurred in 2010, 2011, 2016.

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Story summary

The U.S. Treasury Department is replacing Comerica with Fifth Third Bank for Social Security debit cards.
Social Security calculates cost-of-living adjustment with third-quarter CPI-W data and announces it each October.
The CPI-W measure underestimates seniors’ spending, especially health-care costs.
The Senior Citizens League reports retirees lost about 20% of buying power from 2010 to 2024.
A cost-of-living adjustment is not guaranteed, and none occurred in 2010, 2011, 2016.