{"id":112950,"date":"2021-04-27T13:01:41","date_gmt":"2021-04-27T13:01:41","guid":{"rendered":"https:\/\/fin2me.com\/?p=112950"},"modified":"2021-04-27T13:01:41","modified_gmt":"2021-04-27T13:01:41","slug":"social-securitys-cost-of-living-adjustment-isnt-keeping-up-with-prices-retirees-pay","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/social-securitys-cost-of-living-adjustment-isnt-keeping-up-with-prices-retirees-pay\/","title":{"rendered":"Social Security\u2019s cost-of-living adjustment isn&#x27;t keeping up with prices retirees pay"},"content":{"rendered":"<ul>\n<li>This year&#x27;s 1.3% Social Security cost-of-living adjustment meant just $20 more per month for many retirees.<\/li>\n<li>New data shows that a lot of the expenses retirees face are climbing at a faster clip.<\/li>\n<li>The numbers point to a loss of buying power for seniors, according to The Senior Citizens League.<\/li>\n<li>But higher inflation may mean a bigger cost-of-living adjustment for next year.<\/li>\n<\/ul>\n<p>This year&#x27;s Social Security cost-of-living adjustment was 1.3%. Yet many of the costs seniors face are rising much more quickly.<\/p>\n<p>In 2021, the estimated average monthly benefit increased by $20 per month.<\/p>\n<p>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<h2>More from The New Road to Retirement:<\/h2>\n<p>Here&#x27;s a look at more retirement news.<\/p>\n<ul>\n<li>Biden tax plan may lead to more Roth retirement accounts<\/li>\n<li>How to handle Covid-related withdrawals from retirement accounts<\/li>\n<li>3% of near-retirees can answer all these Social Security questions<\/li>\n<\/ul>\n<p>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<p>Meanwhile, some prices, such as prescription drug and medical costs, stayed constant. Physician services climbed by 5.3%.<\/p>\n<p>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<p><svg width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"#002F6C\" aria-labelledby=\"title desc\" role=\"img\" focusable=\"false\" data-analytic-id=\"expand-icon\" class=\"InlineImage-background\"><title>Zoom In Icon<\/title><desc>Arrows pointing outwards<\/desc><circle cx=\"10\" cy=\"10\" r=\"10\" fill=\"white\" stroke=\"#002F6C\"><\/circle><\/path><\/svg><\/p>\n<p>Because older Americans often live on a fixed budget, which typically includes Social Security benefits, having to absorb those higher costs can hit them harder.<\/p>\n<p>&quot;With inflation rising so fast, what&#x27;s going on right now is an erosion in buying power,&quot; said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League.<\/p>\n<p>When measured by the index used to calculate Social Security&#x27;s annual cost-of-living adjustment \u2014 the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W \u2014inflation has risen since last year.<\/p>\n<p>The CPI-W was more than 3% higher as of the end of March than it was a year ago.<\/p>\n<p><svg width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"#002F6C\" aria-labelledby=\"title desc\" role=\"img\" focusable=\"false\" data-analytic-id=\"expand-icon\" class=\"InlineImage-background\"><title>Zoom In Icon<\/title><desc>Arrows pointing outwards<\/desc><circle cx=\"10\" cy=\"10\" r=\"10\" fill=\"white\" stroke=\"#002F6C\"><\/circle><\/path><\/svg><\/p>\n<p>Moreover, inflation grew by 1.4% by in the first quarter of 2021, compared to 0% in the first quarter of 2020. The last time inflation rose that fast was in 2012, according to the research.<\/p>\n<p>The measurements point to what may happen with the Social Security cost-of-living adjustment for 2022, typically revealed by the Social Security Administration in October.<\/p>\n<p>&quot;If we see a continuation, we may see the highest COLA since 2008,&quot; Johnson said.<\/p>\n<p>In 2008, the Social Security Administration announced a 5.8% bump for the following year. An increase that large has not been seen since. The average cost-of-living adjustment since 2010 has been 1.4%.<\/p>\n<p><svg width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"#002F6C\" aria-labelledby=\"title desc\" role=\"img\" focusable=\"false\" data-analytic-id=\"expand-icon\" class=\"InlineImage-background\"><title>Zoom In Icon<\/title><desc>Arrows pointing outwards<\/desc><circle cx=\"10\" cy=\"10\" r=\"10\" fill=\"white\" stroke=\"#002F6C\"><\/circle><\/path><\/svg><\/p>\n<p>However, there are stillsix months before a final calculation will be made. Whetherthere will be an increase to monthly Social Security checks will ultimately be determined by CPI data through September.<\/p>\n<p>A recent poll conducted by The Senior Citizens League found that 62% of retirees support a guaranteed minimum for annual Social Security benefit increases. The survey was conducted in January through April and included 1,125 participants.<\/p>\n<p>The Senior Citizens League is lobbying Congress for a guaranteed minimum annual increase, as well as a shift to use the Consumer Price Index for the Elderly, or CPI-E. Some advocates believe that index is a better measure of costs seniors face versus the CPI-W.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/04\/27\/-social-security-cola-adjustment-not-keeping-up-with-prices-retirees-pay.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This year&#x27;s 1.3% Social Security cost-of-living adjustment meant just $20 more per month for many retirees. New data shows that a lot of the expenses [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":112949,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Social Security\u2019s cost-of-living adjustment isn&#x27;t keeping up with prices retirees pay - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/social-securitys-cost-of-living-adjustment-isnt-keeping-up-with-prices-retirees-pay\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Social Security\u2019s cost-of-living adjustment isn&#x27;t keeping up with prices retirees pay - Fin2me\" \/>\n<meta property=\"og:description\" content=\"This year&#x27;s 1.3% Social Security cost-of-living adjustment meant just $20 more per month for many retirees. 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