Retirees and Social Security…loss of buying power

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(LFC Comments:  We have been constantly reminding everyone that our ever-increasing property taxes are pricing seniors and those living on fixed incomes out of their homes that they have worked all their lives to achieve.  When we read this article from the Senior Citizens League, we had to share it with you.  

Social Security benefits have lost 30% of its buying power since 2000, and they do not even mention the increasing property taxes.)

 

You’re Feeling It Now

American retirees have been saying for years that our Social Security benefits haven’t been keeping up with your real expenses.

And a new study by The Senior Citizens League confirms what we’ve been feeling.

According to our new Social Security Loss of Buying Power study, Social Security benefits have lost 30% of buying power since 2000.

Our study did show some good news for retirees, including lower prices on electric bills, eggs, and some fruits and vegetables over the last year. That’s been a small help.

On the other hand, larger bills such as Medicare premiums and out of pocket costs, housing and homeowner’s insurance have been among the most rapidly-rising costs over the past year.

And Social Security simply hasn’t kept up.

In the past 20 years, prescription drugs have gone up 252%. Homeowner’s insurance has gone up 218%. Home heating oil has gone up 172%, and even basic foods like potatoes have gone up 168%!

Meanwhile, your last cost-of-living adjustment, or COLA, was 1.6%. Three times since 2000 there’s been no COLA at all. And this year, retirees may get shut out again.

The last time retirees even got even a double-digit cola was 1981. Most of today’s retirees weren’t even retired then!

Over the last 20 years, the costs of goods and services purchased by typical retirees have risen almost twice as fast as Social Security benefits.

That’s the reason you’re feeling a loss of buying power. It’s the reason more retirees are hurting. And it’s why, here at The Senior Citizens League, we’re going to keep on fighting for a fair COLA and other benefits to give retirees the financial security we’ve earned. Sign our petition to Congress demanding a fair and more accurate cost of living adjustment for Social Security benefits!

 



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