Social Security benefits have lost 30 percent of buying power since 2000. A person who retired in 2000 with an average Social Security benefit of $816 per month — would have $1,246.20 per month by 2020. However, because retiree costs are rising at a substantially faster pace than the COLA, that individual would require a Social Security benefit of $380.00 more per month, or a total of $1,626.20 in 2020, just to maintain his or her 2000 level of buying power.
(PRWeb May 12, 2020)
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