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.
1% based on current inflation rates, said Mary Johnson, the league’s Social Security and Medicare policy analyst. Soaring expenses Still, prices remain high. The costs for many items used by older Americans grew much faster, according to the league, citing US Bureau of Labor Statistics data. The cost of eggs soared 110% over the year ending in February, while bread and dental visits jumped 18% and 16%, respectively. Electricity and car repairs went up 13% each.
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