While people of all ages are struggling with inflationary pressures, those over 65 often have an even harder time because they usually live on a fixed income, unable to increase their paychecks with overtime or bonuses.
released last month that showed more than a third of people 65 and older described their financial situation at midyear as worse than it was 12 months before. It was a huge jump from the 13% of adults 65 and older who said the same thing in January.
The financial insecurity that inflation has caused this year has forced many older adults to make difficult decisions, said Dana Kennedy, AARP director for Arizona. Survey participant Frank Hiller, 62, of Eastampton, New Jersey, said the higher prices have caused him to rethink when to retire, and whether he and his wife will remain in their four-bedroom house in retirement.
Kennedy, of AARP Arizona, said spiraling apartment prices in her state have squeezed a lot of older adults out of the rental market. The average recipient will receive over $140 more monthly in the largest cost-of living adjustment in more than 40 years. About 70 million people, including retirees, disabled people and children, receive Social Security benefits.
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