We often talk about how important it is for seniors to get higher Social Security payments. Specifically, we talk about the importance of high Cost-of-Living Adjustments (COLAs).
While the amount is a crucial topic, there’s another way to view this situation. We must also consider the buying power of Social Security. If inflation and rising prices become too big of a factor, even high COLAs can fall short.
Social Security benefits have lost about 20 percent of their buying power in recent years! In some ways, this is the same as having a piece of legislation wipe out one-fifth of the benefits recipients have fairly earned.
Also consider how costs like housing, healthcare, and groceries have risen in recent years. This creates a larger gap between the money seniors have and the amount they need to live comfortably. What are your thoughts on Social Security’s buying power?
Help The Seniors Center Protect the Future of Social Security
At The Seniors Center, our goal is to help seniors, and we’re doing that by protecting the future of Social Security. Follow The Seniors Center on Facebook for more updates! And join our newsletter list to get the latest updates!
