Rising Food Prices Are Hurting Retirees. Can Social Security Keep Up With Inflation?

Food prices inflation
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In a time of inflation higher than most Americans have ever seen, rising food prices are nearly impossible to contend with. A simple trip to the grocery store can be much more challenging and stressful than it once was. This can be especially hard for many older Americans.

Why Are Food Prices so High?

The cost of everything has gone up over the last couple of years. Gas prices are spiraling out of control, housing costs are higher than they have been in years, and the overall cost of living is significantly up. When it comes to food costs, there are multiple factors. The Covid-19 pandemic affected labor and slowed production meaning some foods experienced shortages causing less supply and higher demand. Furthermore, the war in Ukraine has made the importation of many goods more challenging and more costly.

Why Increasing Prices are a Problem for Seniors

Rising costs are a problem for everyone. However, some retirees are hit a little harder than most. One of the biggest problems is that many older Americans rely on Social Security benefits to afford their daily needs. Unfortunately, these benefits don’t go far enough. Social Security is supposed to keep up with inflation through the annual Cost of Living Adjustment (COLA), but these increases fall flat.

Can a Social Security Increase Make Life More Affordable for Seniors?

While we can’t easily fix supply shortages, inflation, and the effects of war overseas, life could be more affordable for retirees. We believe that a bill we call The Greatest Generation Benefits Act is the best option for many older citizens struggling to get by. This bill would increase benefits by $85 monthly plus 4 percent every year for those over age 82. Learn more about this legislation here. Want to keep updated on this important issue? Follow us on Facebook and Twitter.