Seven Tips for Seniors Battling Inflation

2022-08-08T14:28:26-04:00August 8th, 2022|Categories: #Stress, Budgets, Inflation, Retirement, Seniors|Tags: , , , , , , |

Inflation is creating difficulties for people globally, but it can create an even more significant hardship for seniors on fixed incomes. There are over 56 million Americans that are 65 years of age and older, and about 12 percent of them live solely on Social Security, which pays an average of $1,658 per month. While payments have increased by 5.9% to account for cost-of-living adjustments, the U.S. Bureau of Labor Statistics reports that the consumer price index jumped 8.3% year-over-year in April. So, if you are a senior living on a fixed income, what can you do to adjust your lifestyle until inflation gets under control? FirstLantic offers five tips that you can put into action today. Consider getting a roommate. While you may think [...]