2011 Annual Survey of Senior Costs Finds Expenses Have Increased More Than Twice as Fast as Social Security COLA
The Annual Survey of Senior Costs, released by The Senior Citizens League: For every $100 of goods seniors could afford in 2000, they can only afford $68 today.
WASHINGTON, May 19, 2011 /PRNewswire/ — 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 (TSCL). TSCL is 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 (COLA) has increased just 31 percent, while typical senior expenses have jumped 73 percent, more than twice as fast.
In 2011, for the second consecutive year, seniors received no COLA. Prior to 2010, seniors had received a COLA every year since 1975, when the automatic COLA was introduced. Seniors are forecast to receive a very small COLA next year.
The following table shows how various types of expenses have changed since 2000. (Dollar cost changes are included if that data is available; otherwise, only the percent of change is stated.)
More here: Seniors Have Lost 32 Percent of Their Buying Power Since 2000 — WASHINGTON, May 19, 2011 /PRNewswire.
