Social Security has already lost 23 percent of its buying power since 2000, and another potential year of no cost-of-living increase could squeeze seniors — whose expenses haven’t lowered with low inflation.
That’s according to the Alexandria, Va.-based Senior Citizens League, which released its "2016 Survey of Senior Costs" indicating that, except for higher medical and prescription drug costs, overall prices have not changed much over the past year, keeping inflation close to nil.
While that price stability comes mainly thanks to tanking oil prices, other expenses in the survey have not fallen. So although the low inflation rate looks good, it means bad news to the organization, which points to “a high risk of either an extremely low annual cost-of-living adjustment next year, or worse — none at all.”
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