Fewer hot showers, less meat: How retirees on fixed incomes are dealing with inflation The burden on older Americans is the latest example of how inflation — at 40-year highs — is exacerbating inequalities across the economy. Higher prices on food, gas and housing are weighing heavily on those who can least afford it and creating new challenges for a population that is also most vulnerable to covid. Adding to the strain, millions of older Americans have given up regular incomes to retire during the coronavirus pandemic. 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. The steady climb of inflation during the pandemic has put further stress on retirees. In interviews 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. Many said they were buying cheaper, shelf-stable items like pasta and canned beans at dollar stores, and relying on chest freezers and food sealers to store away extras. All said they were living on significantly less money than when they were working, leaving them with a smaller cushion to guard against cost increases and unexpected medical emergencies.
well that and think about being forced into a higher tax bracket when your making more but then essentially haven't less purchasing power as well.. making 75k is like making 50k but now your paying more taxes .. just a simple example... but inflation is theft period... anyone who is pro inflation is anti a basic understanding of economics.. simply its a redistribution scheme
If you don't save for a rainy day then you will be fucked when the rainy day comes. I am guilty of this as much as anyone else. The Grasshopper frolicked while an Ant stored food for the winter. When winter came the Ant was comfortable; the Grasshopper not so. Prepare for the future.
"If you have been in a poker game for a while, and you still don’t know who the patsy is, you’re the patsy." Old Warren Buffett favorite Probably fits the face of middle America.
but many benefited from reagononomics and the recent interest rates that made their homes so valuable at the expense of the next generation of home buyers.
If every generation were to sacrifice quality of life just so the next generation will have a better one, then no generation will ever have it.
Warm showers and meat are natural things so anyone with know-how will be just fine. Perhaps if this great reset comes to fruition then it will actually born a new set of great depression folk which will know how to make goods last longer and be more dependant on their skills, rather than from relying on help from others or cheap goods. The more I work with my hands and spend less time away from electronic devices, the better I feel.
Partial QUOTE="Vtechno, post: 5566496, member: 49945"]Warm showers and meat are natural things so anyone with know-how will be just fine. ............ it will actually born a new set of great depression folk which will know how to make goods last longer and be more dependant on their skills, rather than from relying on help from others or cheap goods. The more I work with my hands and spend less time away from electronic devices, the better I feel.[/QUOTE] %% Good points; among my favorites is\ have [computerized] paper printed candle charts. So i just make sure to limit, but not avoid e devices............................................................. Good thing my banker dad+ mom taught me how to give / hunt + fish + target shoot well , no need of any resets on that. But you made some very good points Vtech; I never thought of repairing my shoes much/ even though mom liked it . And the Millionaire Mind[[ book by Dr Stanley] liked the idea of shoe repair...............................................................................,