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.
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.
