Social Security Earnings and Benefits: What You Need to Know for 2024.

Rising costs have eroded the buying power of Social Security earnings by 36%, according to a recent study by The Senior Citizens League. Older Americans that retired before 2000 would have to earn an extra $516.7 more per month or $6,200 more this year than what they are currently getting to maintain the same level of buying power as in 2000. The loss of buying power comes even as Social Security cost of living adjustments increased by 8.7%, which boosted the average monthly benefit by about $140. The loss in buying power this year slightly improved from last year's 40% decline in purchasing power but is still one of the most profound losses recorded by the TSCL study.