Social Security’s buying power losing steam in 21st century
A new study by The Senior Citizens League, a senior advocacy organization, finds Social Security benefits lost 33% of their buying power since 2000. This year’s study found that between January 2000 and January 2019, Social Security COLAs increased benefits to recipients by 50% but the costs of goods and services purchased by typical retirees rose by 100.3%, more than twice as fast. Fresh fruits and vegetables along with prescription drugs saw the most rapid rise in costs. Read the full piece by Brian Anderson of 401k news here.