This year's Social Security cost-of-living adjustment was 1.3%. Yet many of the costs seniors face are rising much more quickly.<\/p>\n

In 2021, the estimated average monthly benefit increased by $20 per month.<\/p>\n

Meanwhile, many expenses have dramatically risen in the past year, according to a new analysis of Consumer Price Index data from the Bureau of Labor Statistics done by The Senior Citizens League, a nonpartisan senior group.<\/p>\n

More from The New Road to Retirement:<\/h2>\n

Here's a look at more retirement news.<\/p>\n

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• Biden tax plan may lead to more Roth retirement accounts<\/li>\n
• How to handle Covid-related withdrawals from retirement accounts<\/li>\n
• 3% of near-retirees can answer all these Social Security questions<\/li>\n<\/ul>\n

  From March 2020 to March 2021, the fastest-rising cost was car and truck rentals, which went up by 31.2%. That was followed by laundry equipment, which climbed 24.2%; gasoline, 22.2%; and home heating oil, 20.2%.<\/p>\n

  Meanwhile, some prices, such as prescription drug and medical costs, stayed constant. Physician services climbed by 5.3%.<\/p>\n

  Admittedly, all consumers are grappling with those rising price tags, not just seniors. However, The Senior Citizens League selected the list based on which costs affect retirees most.<\/p>\n