Retirees who rely on Social Security may feel their monthly checks aren't stretching as far as they used to. And they're not wrong. Benefits have lost 30% of their buying power since 2000.
Meanwhile, data so far point to no annual increase for benefits in 2021.
Retiree costs are going up at a rapid clip, and Social Security cost-of-living adjustments are not keeping up with those growing expenses, according to aFor example, someone who retired in 2000 would have seen their average Social Security benefit of $816 per month increase to $1,246 this year. But to keep up with inflation, they would need $1,626 — an extra $380 per month — the report found.
That's based on data from the Bureau of Labor Statistics' Consumer Price Index through April. That index is used to calculate the annual Social Security COLA.
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