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Retirees on Social Security Beginning to Struggle
Life Stage Insights
Life Stage Insights
New survey shows how retirees are trying to cope
Navigating retirement is becoming increasingly challenging in today’s uncertain economic climate, according to a recent survey from The Senior Citizens League, a nonpartisan senior group.
The survey was conducted online among 3,056 participants, 96% of whom receive Social Security as a source of income.
Half of the respondents have spent emergency savings in the past year due to high inflation, the survey found. This compares to just over a third (36%) who tapped into emergency savings last year.
One in five have applied for Medicare Savings Program or Medicare Extra help, twice the rate of last year.
43% have carried debt on a consumer credit card for more than 90 days.
Social Security beneficiaries saw the biggest boost to their benefits in about 40 years in 2022, with a 5.9% cost-of-living adjustment.
The Senior Citizens League has estimated next year’s COLA could be 8.6%, based on the latest Consumer Price Index data.
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This publication is designed to provide general information and is for discussion purposes only. The effectiveness of any strategy is dependent upon each individual’s facts and circumstances. This article does not provide legal, tax or account advice. Because of the possibility of human or mechanical error, the accuracy, adequacy, completeness or availability of any information is not guaranteed.
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