Social Security Report

Retirees Spending Beyond Their Means: How to Save When Already Retired - AMAC & Fox Business

Social Security’s 8.7% cost of living adjustment will be welcome to retirees come January, but it’s hardly a raise for those who’ve been paying higher prices all year already. Ann Schmidt writing in Fox Business on-line cites a recent survey from the Employee Benefit Research Institute (EBRI) that states an increasing number of retirees are living beyond their means this year; 27% of retirees are “spending much higher or a little higher than they can afford” in 2022, up from 17% in 2020. Schmidt suggests several ways to save such as cutting down on housing costs, looking for discounts including on insurance, and paying off outstanding high-interest credit card debt. Full piece here.

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