Baby Boomers are experiencing a decline in the purchasing power of their Social Security benefits due to outdated Cost of Living Adjustments (COLAs) that do not account for the specific spending habits of seniors. The COLA formula is based on data from urban wage earners, which overlooks vital expenditures like healthcare and housing that retirees face. As a result, many Baby Boomers are receiving an average of $4,442.80 less per year than they should, highlighting a systemic issue in the calculation of Social Security benefits.
The inevitable reality is that Social Security benefits have been losing ground for decades, leading to the current financial struggles many retirees face.
On average, retirees are receiving significantly less in Social Security benefits than they would if those benefits had kept pace with inflation.
The current COLA formula, relying on CPI-W, fails to accurately reflect the inflation experienced by seniors, particularly in essential areas like medical and housing costs.
Research has shown that individuals who have paid into the Social Security system for years could be missing out on thousands due to an inadequate adjustment formula.
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