When you keep your benefit dollar value the same, you wind up with less each year. Due to inflation, you’ll have less purchasing power next year than you do this year.
The overall trends of the products and services seniors buy, like health care, frequently exceed inflation rates of those goods and services tracked by the CPI-W. Over the years, this has led to a loss in purchasing power for many seniors, compared to the amount of support Social Security was originally intended to provide, changes in Medicare premiums notwithstanding.
COLAs averaged 2.9% between 1982 and 2011, the legislation notes. When recalculated according to the CPI-E, however, they would have risen 3.1% on average. That can amount to hundreds of dollars of difference in monthly benefits over decades. Given that Social Security represents most seniors’ largest source of income, these increases could be invaluable to millions.
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