Social Security Recipients Keep Losing Buying Power -- Here's What We Can Do About It
Many seniors get the bulk of their income from Social Security. Some even get all of their income from the monthly benefits they receive. As such, it's easy to see why seniors can't wait to hear what their 2023 cost-of-living adjustment (COLA) will amount to.
Each year, Social Security benefits are eligible for a COLA, and that increase is based on inflation. Because inflation has been rampant in 2022, 2023's COLA could be the largest one beneficiaries have seen in decades. But that doesn't mean it still won't leave seniors cash-strapped.
The nonpartisan Senior Citizens League recently ran some numbers and found that Social Security beneficiaries have lost 40% of their buying power since 2000. Specifically, it found that senior living costs have increased 130% over the past 22 years, yet benefits have only gone up by 64%.
Source Fool.com
