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The 1.3 percent cost of living increase that older Americans are receiving this month is not keeping pace with rising expenses, according to a nonpartisan advocacy group. This continues a trend in which Social Security benefits have lost 30 percent of their buying power over the past decade.
"This list is a snapshot of how COVID-19 affected prices of certain items through the end of November 2020," said Mary Johnson, a Social Security policy analyst for the Senior Citizens League. "There are surprising price aberrations that we haven't seen before. Never in my wildest dreams would I have thought that toilet paper and disinfecting wipes would wind up on our annual list of fastest-growing retiree costs."
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