Social Security Buying Power Has Dropped a Whopping 33% Since 2000. Here's What the Average Check Is Now
A retiree who collected the average Social Security check in 2000 has lost $407.90 in purchasing power over the past 19 years. More Social Security benefits have lost one third of their buying power since 2000, according to a report released Tuesday by The Senior Citizens League, a non-profit organization. Retirees’ monthly benefit checks have not kept up with the skyrocketing costs of prescription drugs and other essential goods and services, resulting in a 33% drop in purchasing power.