Seniors Lose 31 Percent of Their Buying Power Since 2000
Seniors have lost almost one-third of their buying power since 2000, according to the Annual Survey of Senior Costs, released today by The Senior Citizens League (TSCL). The findings are the same as last year, showing no improvement in the buying power of Social Security benefits despite recent low inflation. In most years, seniors receive a small increase in their Social Security checks, intended to help them keep up with rising costs. But since 2000, the Social Security Cost of Living Adjustment (COLA) has increased benefits just 41 percent while typical senior expenses have jumped 84 percent, more than twice as fast. Inflation has been at historic lows in recent years and seniors received a 1.5 percent COLA this year. Read more…