Social Security’s cost-of-living adjustment isn’t keeping up with prices retirees pay

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CNBC Reports on April 27, 2021

  • This year’s 1.3% Social Security cost-of-living adjustment meant just $20 more per month for many retirees.
  • New data shows that a lot of the expenses retirees face are climbing at a faster clip.
  • The numbers point to a loss of buying power for seniors, according to The Senior Citizens League.
  • But higher inflation may mean a bigger cost-of-living adjustment for next year.

This year’s Social Security cost-of-living adjustment was 1.3%, yet many of the costs seniors face are rising much more quickly.

In 2021, the estimated average monthly benefit increased by $20 per month.

Many expenses have dramatically risen in the past year, according to a new analysis of Consumer Price Index data from the Bureau of Labor Statistics done by The Senior Citizens League, a nonpartisan senior group.

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