Social Security beneficiaries have long complained that their monthly benefits do not accurately account for inflation.
Seniors could be losing nearly $400 each month in their Social Security payments, a new report from the Senior Citizens League said. Despite the Social Security Administration implementing a cost-of-living adjustment each year to reflect inflation, many recipients say they have lost their buying power because of unsatisfactory increases.
'The current COLA calculation relies on the consumer price index for urban wage earners, which critics have long said does not accurately measure inflation's impact on health care and housing. Seniors typically feel that type of inflation at a disproportionate level.'The ever-increasing cost of health care has outpaced overall inflation, and that is likely the largest cost for seniors,' Kevin Thompson, a finance expert and founder and CEO of 9i Capital Group, told Newsweek.
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