The buying power of Social Security has dropped 36% since 2000, meaning that oldest adults who retired before 2000 would need more than $500 a month extra just to maintain the same level of buying power, according to a new study by the Senior Citizens League, a pro-senior think tank.
The Senior Citizens League also said it expects the 2024 cost-of-living adjustment for Social Security to be 3.1%, compared with the 8.7% increase in 2023’s COLA. The organization said last month it expected COLA for 2024 to be less than 3%.
This article was originally published by Marketwatch.com. Read the original article here.