On the buying power of your Social Security benefit
You probably don’t need to be told this, but the buying power of your Social Security benefit has gone down, because the cost of things you buy has gone up more than your cumulative Social Security cost of living adjustments (COLA). It’s probably not as severe an impact for more recent retirees, but for those who have been collecting benefits for years, the pain is palpable. According to a Virginia-based senior advocacy group, although COLA has increased your benefits by about 46% since 2000, the cost of goods and services you buy has risen by about 96% during that same time frame. This CNBC article by Sarah O’Brien explains how the buying power of your Social Security check hasn’t kept pace with your costs, especially for housing and medical services. Click here to read more.