Since 2000, senior citizens have lost almost one-third of their buying power, according to the Annual Survey of Senior Costs, released recently by The Senior Citizens League (TSCL), one of the nation's largest nonpartisan senior advocacy groups.
Typically, seniors receive a small Cost of Living Adjustment (COLA) every year in their Social Security checks to help match inflation costs. But since 2000, the COLA has only increased 31 percent, while the actual cost of living for seniors has increased 73 percent.
And in 2011, for the second consecutive year, there was no COLA. The automatic COLA was first introduced in 1975; 2010 was the first year that seniors did not receive an increase. Seniors are forecast to receive a very small COLA next year.
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