Inflation hits retirees in the US
Rising inflation and low interest rates hit retirees especially those on low to moderate incomes. For most senior citizens, their income sources add up to personal savings and a monthly Social Security check. While the Social Security Check rose by $20, the cost of living calculated by the Social Security Administration was based on the inflation rates of 2019-2020. This calculation did not take into account the pandemic-induced inflation that rose this year.
Mary Johnson, policy analyst at The Senior Citizens League found out that 86% of retirees said their monthly expenses rose by $20 this year while 40% of them said it rose by more than $100.
Source: CNN.
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