Retirees receiving Social Security benefits are finding that inflation is making it more difficult to stretch the money from their monthly checks.
The value of benefits for retirees has declined by about 20% since 2010, according to an ongoing study on Social Security buying power by the Senior Citizens League, an advocacy group.
Payments would need to rise by $4,440 per year — or $370 per month — for retirees to restore their buying power.
Social Security’s most recent annual cost-of-living adjustments (COLA) is 2.5% for 2025. So, today’s seniors cannot expect relief any time soon.
Here are some of the skyrocketing expenses that have left today’s retirees struggling to make ends meet, according to the Senior Citizens League’ latest annual Loss of Buying Power Study.
1. Latest basic iPhone model
Price increase since 2010: 301.5%
Millions of us cannot imagine life without our iPhones. But for a product that has grown so expensive, it sure takes a long time to charge. Find out how to skip the wait in “8 Reasons Your iPhone Charges so Slowly.”
2. Average used car
Price increase since 2010: 217%
A lack of good inventory and other factors caused the price of used cars to soar in recent years. Happily, costs are now beginning to return to earth. Check out our list of the “Prices Are Actually Plunging for These 20 Used Cars.”
3. Bread
Price increase since 2010: 146.7%
Bread is a dietary staple, but it costs a lot more to buy a loaf today than it did 15 years ago. Fortunately, there are ways to roll back the clock on bread prices. Learn more about them in “13 Ways To Beat the Rising Cost of Bread.”
4. Veterinarian services
Price increase since 2010: 89.7%
Your furry friends deserve the best, but their health care has grown more expensive. Rein in the cost of taking care of your pets by uncovering the “9 Ways to Get Affordable Vet Care.”
5. Average home price (tie)
Price increase since 2010: 88.6%
Home prices launched into the stratosphere during the COVID-19 pandemic, and they continue to rise in many places today. However, if you are willing to move, you might eventually find a bargain in one of the “7 Places Where Home Prices Are Due for a Correction.”
5. Annual real estate taxes (tie)
Price increase since 2010: 88.6%
Higher home prices and bigger property tax bills often go hand in hand. That means rising taxes are the dark cloud in the otherwise sunny landscape of rising property values for today’s homeowners. For more on these costs, read:
- “10 States With the Worst Property Tax Rates in America“
- “9 States With the Lowest Property Tax Rates“
7. Average new car
Price increase since 2010: 81.2%
As with used cars, new car prices have jumped in recent years. If you are going to pay a fortune for a new vehicle, you might as well plunk down your hard-earned cash on one of the “25 New Car Models That Will Cling to Their Resale Value.”
8. Ground beef
Price increase since 2010: 73.1%
Many groceries have become much costlier in the past two or three years, and ground beef is no exception. If you are struggling with the high cost of hamburgers, check out the “8 Easy Ways to Cut Back on Meat.”
9. Home rental
Price increase since 2010: 66.4%
Those who cannot afford to buy a home won’t find much solace in renting one, as rental prices have soared as well. If you are planning to rent, watch out for the “11 Red Flags to Watch for When Renting a Single-Family Home.”
10. Transportation services
Price increase since 2010: 64.2%
Finally, the cost of transportation services also has been on the move in recent years. But taking the bus, subway or light rail is still likely cheaper than owning a car.
Check out the “10 Places Where It’s Easy to Get By Without a Car.”
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