Social Security Benefits Have Lost 36% of Their Buying Power Since 2000. Do This to Avoid Becoming Overly Reliant on Social Security in Retirement.
Millions of seniors today collect monthly Social Security benefits. And without that income, many retirees would be unable to afford basic expenses like housing, medication, and food.
Now one nice thing about Social Security is that benefits are eligible for a yearly cost-of-living adjustment, or COLA, the purpose of which is to help recipients maintain their buying power as inflation drives the cost of living upward. The problem, though, is that Social Security beneficiaries have actually been steadily losing buying power through the years. And there's a big reason why.
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Source Fool.com
