The Social Security Administration's announcement that 70 million beneficiaries are getting, in effect, a 5.9% raise next year comes as welcome news for seniors — but for many, that hike can’t come soon enough.
“The changes don’t make sense to me,” said Donna Purchase. “I’m a coupon shopper. I'm very good at that, and we plan our meals for the week and we shop sales, but things are really creeping up… especially fruits and vegetables — just try buying apples,” she said. “They’re crazy prices, and the meat is just outrageous.”
Economists say Purchase’s financial challenges are going to become increasingly common as long as inflation continues to squeeze household budgets. A rising cost of living tends to hit Social Security beneficiaries — mainly seniors and retirees — harder than the population as a whole. “For most retirees, Social Security is their No. 1 source of income,” said Eric Diton, president and managing director of The Wealth Alliance. A low interest-rate environment means that retirees seeking to preserve their savings are seeing minimal returns, he said.
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