The buying power of a Social Security check has dropped 36% since 2000

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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.

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