They’re Being Hit Significantly: Inflation Affecting Older Adults, Retirees
At the Waxahachie Senior Center, the talk is focused on the afternoon card game and inflation.
“You have to learn how to budget, even more than what we did before. Inflation keeps going up, but our income stays the same,” said retiree Pat Middlebrooks.
“We don’t know how high it’s going to go. If it keeps going there’s going to be a lot of people in trouble,” said retiree Doug Holliefield.
According to the latest numbers from the U.S. Bureau of Labor Statistics, the consumer price index jumped 8.3% year-over-year in April.
The nearly 40-year high is hitting retirees hard.
“They are being hit significantly because seniors are on a fixed income. The inflation of housing, food, energy – energy being utilities and gasoline – all of them are skyrocketing, and that’s 75% of a typical senior’s budget,” said Steve Benton, a financial counselor with The Senior Source.
The Dallas nonprofit has seen an increase in the number of seniors asking for financial assistance. Their services include financial planning, utility assistance, job fairs and employment counseling for retirees re-entering the workforce.
Watch the full news clip below.