Report: Social Security’s Buying Power Eroding Under President Biden - AMAC & Newsweek
Senior advocates have said for many years that Social Security COLAs simply do not keep pace with rising prices over time. Khaleda Rahman of Newsweek explains the current COLA formula and calculation plus the 3.1% COLA experts predict for 2024 due to moderating inflation. But advocates argue prices remain “stubbornly high,” a point noted in a report by the nonpartisan Senior Citizens League. Older adults who retired before 2000 have lost 36% of their buying power, according to the group’s calculations. For every $100 a retired household spent on goods and services in 2000, they can buy just $64 today. Read entire article here.