Social Security Benefits Buy 34% Less Than They Did In 2000
Social Security benefits buy 34% less than then did in 2000, finds a study from the Senior Citizens League. According to the report, the price of goods and services for retirees increased several times faster than Social Security annual cost of living adjustments.
Even more disheartening, for every $100 a retired household spent in 2000, they can only buy about 66 bucks worth of those same purchases today. The report says inflation and cost of living adjustments have been at record low levels, averaging 1.2 percent per year since 2010, with no COLA in 2016, and just a 0.3% increase in 2017.