Inflation has significantly reduced the purchasing power of social security benefits by 36% since 2000. seniors league.
The average senior dependent on Social Security benefits would need $517 more a month to cover the cost of daily necessities, which is rising at a higher rate than Social Security’s Annual Cost of Living Adjustment (COLA). increase. CNN coverage.
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This hurts many older Americans who live on fixed incomes that rely heavily on their monthly Social Security checks.
The Social Security Administration gave beneficiaries a COLA of 5.9% in 2022 and 8.7% in 2023. This is the highest annual boost since the early 1980s, but costs for food, medicines, transport, gas, kerosene, housing and other essentials have risen significantly. The league says it has a higher rate, citing data from the U.S. Bureau of Labor Statistics.
Over the past year, the price of eggs has increased by 110%, bread by 18% and dental visits by 16%. His electricity bill jumped 13%, and his car repair bills went up by that amount.
Overall, the goods and services purchased by the typical retiree grew by a whopping 141% between January 2000 and February 2023, far outpacing the 78% increase in social security checks during that period. is higher than
The Senior Citizens League calculates that $100 worth of groceries in 2000 could only buy $64 worth of food today.
The league says that with inflation falling and easing to 5% in April, the cost of living adjustment in 2024 will also be lower, making it even harder for seniors who rely on Social Security to pay their bills. I expect.
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