For now, however, Social Security will continue to pay COLA, or the cost-of-living adjustment will increase. 24/7 Wall St. Key Points: Social Security will continue to pay the cost-of-living adjustment. “[Our] research shows that many seniors believe the COLA does not adequately capture the inflation they experience.”About 68% of Americans collect Social Security. Pew reports that 27% of adult Social Security recipients have those payments as their only income. Would Lifting the Social Security Cap Really Solve Half of the Funding Problem?