Seniors Losing Nearly Half Of Their Income
This is not good folks.
New research which was just released this week has found that inflation has eroded the buying power of most of your social security benefits.
According to Fox, the Senior Citizens League has found that Social Security recipients have lost an astounding 40% of their buying power since the start of 2000 and the worst loses began happening starting in 2010.
Policy analyst Mary Johnson explained, “That’s the deepest loss in buying power since the beginning of this study in 2010.”
It’s important to note that while Social Security benefits have been raised by 64% since 2000 to supplement the cost of living, the average cost of products and expenses up to March 2022 have soared by over 130%. This eats away at seniors Social Security benefits.
Fox further explained that in order to have the same purchasing power as 22 years ago, social security would have to be increased by $539.80 per month.
