Social Security benefits buy 34 percent less than in 2000, study shows

Personal Finance

If you feel like your Social Security check doesn’t stretch as far as it once did, there’s a likely explanation for it.

Since 2000, the buying power of monthly benefits has fallen by more than a third, according to an annual report released Thursday by the Senior Citizens League, an advocacy group based in Alexandria, Va.

In other words, the cost of goods and services common among retirees have collectively risen faster than the cost-of-living adjustment, or COLA, that Social Security recipients get every year.

“People who recently retired might have seen only a [small] decrease in buying power,” said Mary Johnson, a policy analyst for the Senior Citizens League. “But those retired for a long time are feeling the cumulative effect of this.”

Source link

Products You May Like

Articles You May Like

How Citi, JPMorgan, Wells Fargo could move on earnings this week
Goldman says new tariffs could raise prices for furniture, handbags
Goldman Cybersecurity stocks present tactical opportunity
Five money mistakes that can destroy a marriage
6 Social Security myths that could make or break your retirement planning

Leave a Reply

Your email address will not be published. Required fields are marked *