We all know that Biden-flation has been bad for everybody. But a new study found that seniors are really struggling as well. Since 2010, Social Security benefits have lost 20% of their buying power.
"To really, really summarize it in a nutshell, what you could have bought for $100 14 years ago, you can only buy $80 worth of goods and services now" said Shannon Benton, executive director for the Senior Citizens League, "So Social Security has lost 20% of it's buying power since 2010."
The bottom line is, the 'COLA' is not keeping up, making it very tough for retirees, as well as those who might be hoping to retire in the next few years.
"It is tough, a lot of seniors are going back to work" Benton told KTRH, "They're definitely spending down their savings, they're using credit cards to pay their electric bills, and that just compounds the problem because now they have another bill."
The Senior Citizens League also conducted their own survey with about 1,600 participants, and the results were not promising.
"69% said their household costs rose faster than the cost of living adjustment last year" noted Benton, "69%, that's pretty significant."
And not a pretty picture for those in retirement age right now, in the U.S.