Title: Retirees' Social Security checks have lost significant buying power since 2010, a new report says
Article Snip: "...Retirees would need, on average, a $370 monthly boost in their Social Security checks to make up for a 20% loss of buying power since 2010.
That means today’s average monthly benefit of $1,860 for retired workers would need to rise to about $2,230, according to a new report from the Senior Citizens League, a nonpartisan group.
The spoiler: inflation.
...common senior household expenses such as car insurance, food, out-patient hospital care, and housing rose much more than that.
“The reality is that COLAs have become less and less likely to match inflation over time,” Benton said. “In the 1990s and 2000s, 60% of COLAs beat inflation. In the 2010s, only 40% did. Through the 2020s so far, only one COLA out of five—the 8.7% increase in 2023— has done so.”"