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.

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