Social Security cost-of-living adjustment could be 3.1% for 2024

Bernardbodo | Istock | Getty Photographs

Advantages’ shopping for energy dropped 36% since 2000

The Senior Residents League additionally evaluated how nicely Social Safety advantages have saved up with rising prices and located they’ve fallen brief.

Over the previous 12 months amid persistent excessive inflation, eggs had been the fastest-growing value for seniors, primarily based on the group’s evaluation of Bureau of Labor Statistics information via February. Different classes that landed within the prime 5 quickest rising prices embody apples, bread, espresso and dental visits.

Since 2000, Social Safety advantages have misplaced 36% of their shopping for energy, in keeping with The Senior Residents League’s calculations.

To have the ability to stay as nicely on Social Safety advantages as beneficiaries did in 2000, right this moment’s retirees would wish an additional $516.70 monthly, the nonpartisan senior group discovered.

The up to date evaluation of the loss in shopping for energy — measured from January 2000 via February 2023 — improved from a 40% decline present in final 12 months’s research. But the marginally improved 36% loss in shopping for energy remains to be one of many deepest losses recorded, in keeping with the group’s evaluation.

Eggs additionally topped the record of fastest-growing prices for seniors since 2000. Different classes within the prime 5 embody pharmaceuticals, heating oil, dental companies and Medicare Half B premiums.

One caveat to a file excessive cost-of-living adjustment this 12 months is the additional cash — estimated to be greater than $140 monthly — could assist immediate increased ranges of spending amongst older Individuals, in keeping with analysis from Financial institution of America Institute.

Whereas increased spending could complicate the combat in opposition to increased inflation, it’s delayed aid for older Individuals, whose cost-of-living adjustment was decrease than value progress in 2022.

“The common retiree has discovered dwelling with these excessive charges of inflation extraordinarily tough,” David Tinsley, senior economist at Financial institution of America Institute, beforehand informed CNBC.com.

Back To Top