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.