In 2022, there are several struggles that seniors are facing, with the government not helping. The inflation rate in May 2022 was 5.4% and rose with each month.
The number one struggle for seniors is unemployment. Food has also skyrocketed in price since January of 2019, and gas prices reached an all-time high and up to eight dollars a gallon in some places.
Also, seniors in 2022 will lose many maintenance benefits they have relied on. Temporary financial support is offered to purchase groceries, gas, prescription medications, etc.
In some areas of the country, seniors will be facing a market where typical daily living costs exceed their monthly income by 25% or more.
1. Inflation
Inflation is one of the significant factors affecting seniors in 2022. Inflation is the rate at which the general price level of goods and services rises.
This means that it takes more money to buy the same goods and services. The rate at which prices rise is known as inflation.
Inflation can occur when too many dollars chase too few goods and services. A lack of demand for goods and services leads to a surplus, which causes prices to fall.
When demand exceeds supply, sellers have no choice but to increase costs or lose customers to competitors who charge less for their products or services.
In simple terms – in early 2022, a dozen eggs were $.99. In June 2022, a dozen eggs are $2.50. This is due to inflation and some due to the bird flu. Either way, the increase is enormous.
Another example is gas. In 2021 gas prices hovered around $2.50 per gallon, and today we have hit $5.00 per gallon. Of course, this pricing varies based on geographic location.
2. Unemployment
Older workers are more likely to be unemployed than younger workers in 2022. The tough labor market is making it impossible for seniors to find positions they are qualified for.
3. Food Unaffordable Due To Loss Of Emergency Benefits
Seniors across America are struggling to get the food they need. With the loss of emergency benefits and the rise in food prices, seniors struggle to keep their heads above water.
Several changes in government policies over the past few years could make it difficult for seniors to afford food. In particular, eliminating emergency benefits for SNAP (Supplemental Nutrition Assistance Program) recipients may significantly impact seniors struggling financially.
The government provides many services to help impoverished people maintain a stable life, including food stamps and Medicaid coverage for low-income individuals.
However, these programs aren’t always enough to cover basic needs like groceries or housing costs.
When someone loses their job or becomes disabled and can no longer work, they may not qualify for these benefits anymore and will struggle financially until they find another job or receive enough money from other sources such as pensions or investments.
4. Gas Unaffordable
Gas prices are on the rise. We all know the story. And it’s not just because of the economy. Yes, we’ve been in a recession now, and we’re just coming out of it. But there’s another reason why gas prices have gotten so high: oil prices have gone up too.
This is simple: demand has risen while supply has stayed the same or slightly decreased as more countries are drilling for oil (and using it up).
5. Housing Unaffordable
Housing is unaffordable for many seniors who want to downsize but can’t afford it. Many retirees want to move closer to family members or friends to spend more time with them before they die — but between property taxes and maintenance costs, it’s often too expensive for them.
6. Lost Ability to Purchase Necessary Medication
Seniors need medication to help them cope with their illnesses and ailments. Some people cannot afford their medications, while others simply can’t afford the price of their prescriptions.
This can lead to serious health issues for seniors. It also puts a strain on family members who have to care for them and help with their finances.
7. Lack Of Knowledge About Benefit Eligibility
Many seniors don’t know they may be eligible for SNAP or other benefits specifically designed for seniors or others with low incomes. If they qualify, they may not have the technical access or skills to apply for the help.
8. Social Security COLA Not Helpful Enough
Social Security is an essential part of retirement planning for many people. However, it’s not enough to live alone. Social Security provides about $1,220 per month for the average retiree.
Still, the cost of living adjustment (COLA) that was received recently won’t be enough to make up for rising prices in 2022.
The cost of medical care, housing, and food has risen faster than the inflation rate over the past year. AARP estimates that retirees need an additional $2,000 per year to cover these costs.
While a slight increase in Social Security payments is better than nothing, it’s not enough to help seniors keep up with rising prices.
The struggles that seniors are facing in 2022 are significant considering. Health care costs, groceries, and gas prices will likely skyrocket, and seniors will need to figure out how to cut back on their expenses without sacrificing their safety and health.
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