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…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.