- +31% — Percentage the Social Security Cost of Living Adjustment has increased.
- +73% — Percentage typical senior expenses have jumped.
- 1 in 3 — Number of beneficiaries who rely on his or her Social Security check for 90% or more of their total income.
Seniors have lost almost one-third of their buying power since 2000, according to the Annual Survey of Senior Costs, released today by The Senior Citizens League, one of the nation's largest nonpartisan seniors advocacy groups.
In most years, seniors receive a small increase in their Social Security checks, intended to help them keep up with the costs of inflation.
But since 2000, the Social Security Cost of Living Adjustment has increased just +31%, while typical senior expenses have jumped +73%, more than twice as fast.
"For many years, seniors have watched helplessly as the value of their benefits has eroded. Those losses have added up, and millions of seniors – among our most vulnerable citizens – are barely able to scrape by today" says Larry Hyland, chairman of The Senior Citizens League.
"To put it in perspective, for every $100 worth of expenses seniors could afford in 2000, they can afford just $68 today."
A senior with an average Social Security benefit in 2000 received $816 per month, a figure that rose to $1,072.30 by 2011. However, that senior would require a Social Security benefit of $1,414.70 per month in 2011 just to maintain a 2000 lifestyle.
A majority of the 37 million Americans aged 65 and over who receive a Social Security check depend on it for at least 50% of their total income, and 1 in 3 beneficiaries rely on it for 90% or more of their total income.
Source: PR Newswire, The Senior Citizens League
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