Social Security buying power eroded by 36% | Eastern North Carolina Now

Seniors being choked by inflation

ENCNow

Research on the buying power of Social Security benefits by The Senior Citizens League (TSCL) confirms that inflation is moderating. But a lower inflation rate has not necessarily meant that prices have come down. This year the study found that the oldest adults, especially those (age 85 and older) who retired before 2000, have lost 36 percent of their buying power. These retirees would need an extra $516.70 per month ($6,200 in 2023) to maintain the same level of buying power as in 2000. This study confirms that the prices older consumers are paying simply are not growing as fast as a year ago, but many prices on key items through February 2023 remain stubbornly high.

The declining rate of inflation points to a significantly lower COLA for next year, after the 8.7% COLA in 2023 — the highest in four decades. “The 2024 COLA could be around 3.1%,” says The Senior Citizens League’s Social Security and Medicare policy analyst, Mary Johnson.

https://seniorsleague.org/press-briefing-5-10-23/

https://seniorsleague.org/assets/LOBP-Study-2023.pdf


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