Inflation has eaten away more than one-third of Social Security benefits' buying power since 2000, a new analysis found.
Those who retired before 2000 have seen the purchasing power of their benefits drop by 36%, according to the Senior Citizens League. These folks would need a nearly $517 boost in their monthly benefits just to maintain the same level of buying power as in 2000., the increases have not kept up with the rise in prices for years — squeezing senior citizens, many of whom live on fixed incomes and depend heavily on their monthly Social Security payments.
However, for the past 10 months, inflation has moderated. That means the 2024 adjustment is expected to be lower than in recent years. It won't be announced until October, but the annual boost would be 3.1% based on current inflation rates, said Mary Johnson, the league's Social Security and Medicare policy analyst.Still, prices remain high. The costs for many items used by older Americans grew much faster, according to the league, citing U.S. Bureau of Labor Statistics data.
Looking longer term, the annual adjustments increased Social Security benefits by a total of 78% between January 2000 and February 2023. But the cost of goods and services purchased by typical retirees rose by a total of more than 141%, driven by eggs, prescription drugs and heating oil, according to the league.
Put another way, the $100 a retired household spent on groceries in 2000 would buy only $64 worth today.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Social Security benefits have lost 36% of buying power since 2000 | CNN PoliticsInflation has eaten away more than one-third of Social Security benefits’ buying power since 2000, a new analysis found.
Lire la suite »
USD/MXN dips as Mexican inflation moderates, as investors eye US inflation dataUSD/MXN slides towards the 17.7000 area after a better-than-expected inflation report in Mexico could open the door for a pause on Mexico’s central ba
Lire la suite »
Social Security update: Direct payment worth $914 arrives in 23 daysSupplemental Security Income beneficiaries have 23 days to wait before receiving their June payments, worth $914 for individual filers. The payments will be sent to eligible recipients on June 1, and different amounts will be distributed.
Lire la suite »
Terry Savage: More Social Security horror storiesAlone, people feel helpless. But some very powerful people have expressed an interest in helping us tell the story and resolve the problems, writes investment adviser Terry Savage.
Lire la suite »
What Happens to Social Security Benefits if the U.S. Hits the Debt Limit?A disruption of benefits would strain the budgets of many of the 66 million Americans who get Social Security.
Lire la suite »
Yellen: Social Security payments could be interrupted in debt crisisThe U.S. could be less than a month away from reaching its debt limit, and that could hinder the government's ability to pay Social Security benefits.
Lire la suite »