Citizens League

Social Security Benefits Lose 40% of Buying Power COLA for 2023 Could Be 8.6% According to Latest Study by The Senior Citizens League

Retrieved on: 
Wednesday, May 11, 2022
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WASHINGTON , May 11, 2022 /PRNewswire-PRWeb/ -- High inflation has caused Social Security benefits to lose 40 percent of their buying power since the year 2000 according to the latest update of an ongoing study by The Senior Citizens League (TSCL). "That's the deepest loss in buying power since the beginning of this study by The Senior Citizens League in 2010," says Mary Johnson, a Social Security policy analyst for The Senior Citizens League who conducted the research.

Key Points: 
  • WASHINGTON, May 11, 2022 /PRNewswire-PRWeb/ -- High inflation has caused Social Security benefits to lose 40 percent of their buying power since the year 2000 according to the latest update of an ongoing study by The Senior Citizens League (TSCL) .
  • "That's the deepest loss in buying power since the beginning of this study by The Senior Citizens League in 2010," says Mary Johnson, a Social Security policy analyst for The Senior Citizens League who conducted the research.
  • To help protect the buying power of benefits, The Senior Citizens League supports legislation that strengthens and protects the annual cost of living adjustment and Social Security benefits.
  • ALSO AVAILABLE TO JOURNALISTS: Social Security Loss of Buying Power report including study methodology available for download.

43% of Older Households Face Higher Debt Costs as Fed Moves to Raise Interest Rates, According to New Survey by The Senior Citizens League

Retrieved on: 
Tuesday, March 29, 2022
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WASHINGTON, March 29, 2022 /PRNewswire-PRWeb/ -- The cost of borrowing will be getting more expensive for about 43 percent of older households who carry debt on consumer credit cards, according to a new survey by The Senior Citizens League (TSCL).

Key Points: 
  • WASHINGTON, March 29, 2022 /PRNewswire-PRWeb/ -- The cost of borrowing will be getting more expensive for about 43 percent of older households who carry debt on consumer credit cards, according to a new survey by The Senior Citizens League (TSCL).
  • The Federal Reserve recently approved the first of several short-term interest rate hikes for the first time since December of 2018.
  • Consequently, those older households carrying debt on consumer credit cards can face debilitating financial consequences when interest rates increase.
  • Interest rates on debt add additional costs that can be extremely difficult to eliminate for people living on fixed incomes.

Update: Social Security Benefits Lose 32 Percent of Buying Power, According to The Senior Citizens League

Retrieved on: 
Tuesday, October 5, 2021
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But soaring inflation this year has deeply eroded the buying power of Social Security benefits, according to a new update to an ongoing inflation study by The Senior Citizens League (TSCL) .

Key Points: 
  • But soaring inflation this year has deeply eroded the buying power of Social Security benefits, according to a new update to an ongoing inflation study by The Senior Citizens League (TSCL) .
  • The annual COLA increased Social Security benefits in January of 2021 by just 1.3 percent.
  • Based on consumer price data through July 2021, the erosion in the buying power of Social Security benefits has deepened to 32 percent over the 21 - year period.
  • Social Security benefits are one of the few sources of retirement benefits to be adjusted for inflation.

Older Consumers Report Food as Fastest Growing Cost in 2021, According to New Survey by The Senior Citizens League

Retrieved on: 
Tuesday, August 24, 2021
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"Most troubling of all, about 25 percent of survey participants reported they've gone without," Johnson says.

Key Points: 
  • "Most troubling of all, about 25 percent of survey participants reported they've gone without," Johnson says.
  • Johnson estimates that the Social Security COLA payable in 2022 will be about 6.2 percent if the current trends continue.
  • The Senior Citizens League works to protect and strengthen Social Security benefits and program financing.
  • With 1.2 million supporters, The Senior Citizens League is one of the nation's largest nonpartisan seniors groups.

Update: Social Security COLA For Next Year Could Be 6.2% Estimate Climbs Slightly According to The Senior Citizens League

Retrieved on: 
Wednesday, August 11, 2021
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Social Security benefits are one of the few types of income in retirement adjusted for inflation.

Key Points: 
  • Social Security benefits are one of the few types of income in retirement adjusted for inflation.
  • But soaring inflation can still knock a hole in the household finances of retired and disabled Social Security recipients.
  • In 2021 Social Security benefits increased by just 1.3 percent raising the average benefit by about $20.
  • The Senior Citizens League works to protect and strengthen Social Security benefits and program financing.