Reported 2 months ago
A recent report reveals that retirees' Social Security benefits have lost approximately 20% of their buying power since 2010, requiring an average monthly increase of $370 to maintain the same purchasing capacity. The annual cost-of-living adjustments (COLA) have not kept pace with inflation, particularly for essential expenses like healthcare and housing. While the 2024 COLA increased benefits by 3.2%, it falls short in comparison to the rising costs seniors face, leading many to struggle financially.
Source: YAHOO