Discover How Retirees Impact Inflation
We are amid a retirement surge. According to USA Today, a record 4.1 million Americans will turn 65, a traditional retirement age, between now and the end of 2027. The article explains this deluge of retirees is “expected to keep job openings elevated and force employers to raise pay to attract job candidates,” which will cause companies to pass along this expenditure as higher prices. Meaning, that as more and more baby boomers retire, we can probably expect to see inflationary pricing continue.
The Social Security Administration expects 1.7 to 2.1 million people to retire this year. Last year, only 1.6 million people retired. Making matters worse, fewer people are entering the workforce. The Gen Z population — recent graduates — is far smaller than the Baby Boomer cohort.
The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and will ensure the long-term solvency of the Social Security program.
