According to a 2024 study from TSCL, Social Security benefits have lost around 20% of their buying power since 2010 -- even with annual COLAs. The average monthly benefit among retirees was around $1,860 per month at the time of the study, when it should have been around $2,230 had it maintained its buying power.

Social Security's cost-of-living adjustment could rise 2.7%. But Medicare Part B premiums are set to rise even more, eating most of the COLA.