As the nation continues to grapple with high inflation, analysts are revealing a startling fact. The inflationary impact is most severe for retirees.
According to CNBC, the rising costs of consumer goods has been particularly challenging for people living on a fixed income. The reason, according to one financial expert, is that they are no longer working and earning a paycheck. Even though inflation has outpaced wages, people who are still earning a paycheck are in better shape to cope with increasing costs.
On the other hand, retirees whose sole source of income is Social Security, or a company pension, are struggling to get by. Even those who had investment portfolios and retirement accounts are suffering, as stocks and bonds are both down significantly this year.
This is one of the reasons The Seniors Trust supports the Social Security Expansion Act. It would boost monthly benefits by about $200, providing seniors with more money to buy basic necessities. This landmark piece of legislation will also create a strong and long-lasting trust fund and guarantee that retired workers receive adequate Social Security benefits and a fair Cost-of-Living Adjustment (COLA). You can show your support by signing our petition to Congress.