Rising prices are squeezing household budgets around the country and putting additional strain on its 56 million residents age 65 and up, many of whom rely on fixed incomes and limited savings to cover monthly costs for prolonged and unpredictable periods, according to an article published by The Washington Post.
“Just surviving day-to-day has become a big concern of mine — because, how in the world?” said Leslie Morgan, 65, a retired 5th grade school teacher who lives in Asheville, N.C. “Yes, I can afford what I’m doing right now, but I’m starting to panic. I’m starting to think, ‘How am I going to keep paying for everything?’”
In interviews that The Post had with more than a dozen retirees between the ages of 58 and 85, almost all said higher prices were forcing them to skimp on basics. They reported cutting back on meat and vegetables, driving less and trading in gym memberships for Jane Fonda workout videos.
Half of older people who live alone are struggling to get by on less than $27,000 a year — or the bare minimum for a single renter in good health to cover expenses, according to the Elder Index, a cost-of-living measure created by the Gerontology Institute at the University of Massachusetts Boston. Read the full article.