The recent spike in inflation has affected everyone, but it’s had a particularly disastrous effect on seniors living on Social Security benefits. As CNN reports, retirees are cutting back what they spend on food, utilities, and personal grooming like haircuts. Some seniors are following the example of college students and are now eating ramen noodles for the first time.
A recent study of the impact of inflation on Social Security benefits revealed since 2010, those benefits have lost 20 percent of their buying power. What $100 could buy then can only buy $80 worth of goods and services today. Even though Social Security benefits have increased 58 percent since 2010, the cost of goods and services is up 73 percent.
To recover their lost buying power, people who retired in 2010 would need a monthly benefits increase of $370, or $4,440 a year. For example, the price of bread has jumped 147 percent, while ground beef is 73 percent more costly.
Social Security Needs to Be Strengthened
Retirees need every cent of the benefits they were promised to help cope with inflation. That’s why here at Council of Seniors, we’re totally dedicated to getting Congress to pass The SAVE Benefits Act. Because the annual Social Security cost of living adjustment (COLA) has not kept up with rising inflation, the passage of this bill is crucial. If we succeed, seniors will recover the $581 missing from their checks.
Signing our petition is the easiest way to help. Congress must make assisting the growing number of Americans needing relief a top priority.
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