Seniors Lose 20 Percent of Their Buying Power Since 2000

Seniors have lost 20 percent of their buying power since the beginning of the decade, according to a new study released today by The Senior Citizens League, one of the nation’s largest nonpartisan seniors groups.

Each year, seniors receive a small increase in their Social Security checks, intended to help them keep up with the costs of inflation. But since 2000, the Social Security Cost of Living Adjustment (COLA) has increased average benefits just 31 percent while typical senior expenses have risen more than 58 percent, almost twice as fast.

Seniors Lose 20 Percent of Their Buying Power Since 2000
Source: Business Wire