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Retirees who stopped working before 2000 would need an extra $6,200 per year to maintain their purchasing power.
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Social Security benefits have fallen short of the additional funds needed to counteract rising costs.
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Inflation, though moderating, remains above the Federal Reserve's target rate.
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The consumer price index (CPI) for April increased by 4.9% compared to the previous year.
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An accurate cost of living adjustment (COLA) is crucial to prevent retirees from experiencing a loss of purchasing power over time.
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Increased debt, faster depletion of savings, and worse health outcomes can result from a cumulative loss of purchasing power.
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Eggs have seen the highest cost increase among goods and services for seniors since 2000.
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Failure to raise or suspend the debt limit by June could impact Social Security benefits and other government obligations.
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Next steps