Why the Buying Power of Social Security Benefits Has Plunged 30%

Social Security recipients saw a 1.6% bump in their benefit payments this year on account of inflation. But it has done little to help counteract the erosion of Social Security benefits’ purchasing power, according to an analysis by the Senior Citizens League. The organization’s “2020 Loss of Buying Power Study” found that benefits have lost 30% of their buying power since 2000. That’s an…

Original Article Posted at : https://www.moneytalksnews.com/purchasing-power-of-social-security-benefits/