But the widowed 78-year-old now has to skimp on her meals because her Social Security benefits haven’t kept up with the rising costs for food, housing and health care in recent years.
Social Security benefits have lost 20% of their buying power since 2010, according to a recent analysis by The Senior Citizens League, an advocacy group.
Every January, Social Security recipients get an annual cost-of-living adjustment, known as a COLA, but the increases often don’t keep up with the actual rise in prices – hurting senior citizens, many of whom live on fixed incomes and depend heavily on their Social Security benefits.
Social Security benefits have risen by 58% between 2010 and 2024, but the cost of goods and services purchased by typical retirees jumped 73% during that time, the league said.
For Albrecht, it feels like her Social Security benefits have lost more than 20% of their buying power.
Persons:
Janet Albrecht, haven’t, Albrecht, hasn’t, ”, Shannon Benton, That’s, “
Organizations:
CNN, Security, Social, Social Security, Senior Citizens League
Locations:
an Indiana , Pennsylvania
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