2000 vs 2024

The Senior Citizens League, another organization that advocates for senior citizens, strongly mentioned that higher increases are necessary, particularly for older retirees who have a hard time paying their bills and surviving without the proper amount of money.

Officials from the organization added that, compared to Social Security payouts, the costs of the products and services they require are increasing far more quickly due to the major problems the world is facing.

According to the group, there’s a huge discrepancy between the purchasing power that people who retired in the 2000s or before that period had compared to retirees nowadays. For them to regain their purchasing power, they would require an extra $500 in benefits per month.

According to the Social Security Administration, around 67 million people were receiving Social Security payments in 2023. As of June 30th, 2023, about 90% of those over 65 received these payments, which means that most of the recipients are retirees.