“When people living on fixed incomes don’t have savings, or can’t borrow, then they are in a very challenging situation that’s not safe,” said Mary Johnson, a Social Security policy analyst for the Senior Citizens League.
Inflation can be dangerous for anyone’s budget – but especially when that person is retired and living on a fixed income.
But just because inflation has hit a new peak does not mean everyone is affected in the same way. Seniors, for example, may not feel the burden of higher gas prices if they don’t have a car, or at least don’t drive often. They also wouldn’t feel the pains of home buying if they currently own their homes, have a fixed or no mortgage and intend to stay where they are for the foreseeable future.
Still, someone relying on just Social Security, or who is trying to refrain from withdrawing from retirement accounts while the markets remain volatile, might find this high inflation worrisome. The average retiree benefit in 2022 is $1,656 or lower, Johnson said, which means those who use Social Security for most, if not all, of their retirement income may have to take on credit card debt.
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