The Senior Citizens League said older Americans have lost 32% of their buying power since 2000. This is because the Social Security Cost of Living Adjustment has gone up just 31% since that year, while typical expenses have jumped 73%.
This data is from the group's Annual Survey of Senior Costs.
In fact, TSCL noted in 2010 and 2011 seniors received no COLA, and the prediction for 2012 is that they will receive a very small COLA.
The study noted that homeownership costs have increased between 2000 and 2011 by 32%, while apartment rental costs over the same time frame are up 39%.
Taxes are up 85% over the time frame, to almost $1,276 from nearly $690 annually. Homeowners insurance costs 91%, while electricity is up 50%.
The cost to keep their home warm has skyrocketed in the time frame. Heating oil and natural gas have both more than doubled, up 190% and 171% respectively.
TSCL chairman Larry Hyland said, "For many years, seniors have watched helplessly as the value of their benefits has eroded. Those losses have added up and millions of seniors—among our most vulnerable citizens—are barely able to scrape by today. To put it in perspective, for every $100 worth of expenses could afford in 2000, they can afford just $68 today."
While the average Social Security benefit received has increased to $1,072 in 2011 from $816 a month in 2000, TSCL said to maintain the same lifestyle, the check would have had to increase to $1,414.70 a month.
