The Insidious Effect of Inflation
It’s hardly new news that soaring inflation has hurt nearly every American, but inflation’s insidious effect on seniors is especially acute. True, Social Security benefits were bumped up by 5.9% starting in 2022, but that was partially offset by an increase in Medicare’s Part B premium, and not nearly enough to compensate for the actual rise in the cost of living. Substantially higher prices for just about everything from groceries to fuel for your automobile have caused seniors to actually lose ground financially, forcing them to cut corners and eliminate non-essential purchases. As discussed in this Motley Fool article by Christy Bieber, American seniors are facing the biggest financial challenge in decades. Click here to read more.