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Rising inflation has wiped out temporary gains in the buying power of Social Security benefits during the pandemic.
"As of consumer price data through March 31, 2021, Social Security benefits have once again have lost 30 percent of buying power since 2000," said Mary Johnson, Social Security policy analyst for the Senior Citizens League. "If inflation in 2021 continues to climb through the end of the year, this loss of buying power could deepen."
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