SEPTEMBER 2024 FEATURE:
THE IMPACT OF INFLATION ON SENIOR CITIZENS: GROWING CONCERNS
Inflation, the gradual increase in prices of goods and services over time, is a financial phenomenon affecting every American. However, for senior citizens living on fixed incomes, it poses unique and significant challenges. As prices rise, the purchasing power of their savings and fixed income sources like Social Security benefits and military pensions diminish, leading to financial strain and difficult decisions. According to research from 2020 focusing specifically on economic stability and seniors, “nearly 5 million older women living alone, 2 million older men living alone, and more than 2 million older couples had incomes that made them economically insecure.” These numbers were collected before the dramatic 9% increase in inflation experienced in the past two years. continued on page 5
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