Social Security beneficiaries are having a hard time keeping up with inflation this year despite an 8.7% cost-of-living adjustment for 2023.
- As costs continue to rise, Social Security recipients have seen a 36% drop in their buying power since 2000.
- In order to live as well on Social Security benefits in 2023 as they did in 2000, retirees would need an extra $516.70 per month.