Rising prices hammer seniors on fixed incomes
[2008-7-28]
Tag : Canned Vs Fresh Vegetables
Those who work with seniors have seen the problem up close. "By any measure, people who are retired are bearing the worst bruntof the economic slump," says Jim Dau, a spokesman for AARP."Because they're living on fixed incomes, they're just gettingcrushed on food and medicine that they can't do without."
For the three months ending May 31, the annualized inflation ratefor food topped 6%, the government reported. For energy, inflationexceeded 28%. (Overall prices during that period rose at a 4.9.%rate.)
In a recent survey, AARP found that 59% of Americans ages 65 orolder reported having more trouble paying for food, gas andmedicine. That's why a growing number of financially squeezedseniors are heading to places they've seldom gone before:credit-counseling centers.
"Our offices are telling me that they are seeing seniors coming inpushing their walkers, who are filing for bankruptcy," says GailCunningham of the National Foundation for Credit Counseling, whichoversees a national network of more than 900 credit-counselingagencies. Consumer Credit Counseling of the Black Hills in Rapid City, S.D.,is one such site. Its typical clients have traditionally been youngor middle-age adults, but seniors began increasingly appearing lastyear, says Bonnie Spain, the agency's executive director. "I've been in credit counseling for 20 years," she says, "and evenI am surprised."
Cost-of-living measures
It's true that Social Security checks are indexed to inflation;recipients receive a cost-of-living adjustment each year. Theadjustment reflects the consumer price index-W, an index developedfor so-called urban wage earners and clerical workers. For 2008,the inflation adjustment was 2.3%.
Those who work with seniors have seen the problem up close. "By any measure, people who are retired are bearing the worst bruntof the economic slump," says Jim Dau, a spokesman for AARP."Because they're living on fixed incomes, they're just gettingcrushed on food and medicine that they can't do without."
For the three months ending May 31, the annualized inflation ratefor food topped 6%, the government reported. For energy, inflationexceeded 28%. (Overall prices during that period rose at a 4.9.%rate.)
In a recent survey, AARP found that 59% of Americans ages 65 orolder reported having more trouble paying for food, gas andmedicine. That's why a growing number of financially squeezedseniors are heading to places they've seldom gone before:credit-counseling centers.
"Our offices are telling me that they are seeing seniors coming inpushing their walkers, who are filing for bankruptcy," says GailCunningham of the National Foundation for Credit Counseling, whichoversees a national network of more than 900 credit-counselingagencies. Consumer Credit Counseling of the Black Hills in Rapid City, S.D.,is one such site. Its typical clients have traditionally been youngor middle-age adults, but seniors began increasingly appearing lastyear, says Bonnie Spain, the agency's executive director. "I've been in credit counseling for 20 years," she says, "and evenI am surprised."
Cost-of-living measures
It's true that Social Security checks are indexed to inflation;recipients receive a cost-of-living adjustment each year. Theadjustment reflects the consumer price index-W, an index developedfor so-called urban wage earners and clerical workers. For 2008,the inflation adjustment was 2.3%.
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