Report: Senior Citizens Have Lost 32 Percent of Their Buying Power Since 2000

May 19, 2011 | Social Security Benefits

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A new report from The Senior Citizens League (TSCL) analyzes the crooked correlation between cost-of-living for senior citizens and the yearly adjustments made by The Social Security Administration to account for these changes.

In its Annual Survey of Senior Costs, the TSCL says that since 2000 seniors have received a 31 percent Social Security Cost of Living Adjustment (COLA) while senior citizens’ cost-of-living expenses have skyrocketed by 73 percent–hence the startling figure that senior citizens have forfeited 32 percent of their buying power in the past decade.

In 2010 and 2011, seniors did not receive COLA; this was the first time since 1975 that Social Security benefits were not adjusted for cost of living. Seniors will reportedly receive a small COLA in 2012.

According to the report, in 2000 the average senior collecting Social Security received $816 a month; by 2011 the average check had grown to $1,072.30. But the TSCL points out that the same senior citizen collecting Social Security in 2000 would need to be receiving $1,414.70 a month in 2012 to maintain his or her 2000 lifestyle.

Read more.

Do you think that the Social Security Administration should take a closer look at the average senior citizen’s cost of living?

If you need help with your Social Security benefits, contact the Social Security Disability lawyers at Newlin Disability.

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