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Social Security Benefits Lose 20 Percent Of Buying Power Since 2010

Social Security Benefits Lose 20 Percent Of Buying Power Since 2010

The 2024 Loss of Buying Power study published by The Senior Citizens League found that, on average, payments for retired workers would need to rise by $4,440 per year, or $370 per month, to rebuild their lost value.

By the numbers: Eight of the last 15 Cost of Living Adjustments (COLAs) announced by the Social Security Administration have failed to surpass inflation for the year in which they were implemented.

Go deeper: The cost of an average home and real estate taxes in the United States have risen by 89 percent since 2010. According to the CPI for the Elderly (CPI-E), a price index the Bureau of Labor Statistics uses to reflect how seniors divide their expenses, housing makes up nearly half of the typical senior budget.

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Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.