Photo Credit: Jeffrey Greenberg
Significant pressure has been placed on many stakeholders by worsening inflation. More precisely, companies, people, and other sectors are at risk as a result of the Federal Reserve’s rate hike. Furthermore, as the increments go on, Americans with fixed monthly incomes—particularly seniors who depend on their monthly aid, are growing more anxious.
According to Thea Bowman Center, a community center in Cleveland, the cost of living has grown substantially owing to changes in the economic environment, posing a slew of issues for the country’s elderly population.
Ella Thomas, the executive director of the community center, claimed that a lot of older individuals were finding it challenging to pay their property taxes and other weekly expenses owing to the rising costs of supplies and upkeep.
“Overall, they have an increase in daily living expenses because of the economy right now. Being able to keep those homes up is a struggle for most of them,” added Thomas.
Taking a stand to help the elderly
People like Catherine Powell are assuming leading roles to help other older folks in light of the precarious position. Powell, 62, now works in the center as a volunteer to assist seniors in satisfying the requirements to qualify for government assistance programs like the Supplemental Nutrition Assistance Program (SNAP).
“When you’re younger, you can afford to get things fixed. When you’re younger, you can go out and get two or three jobs; you can hustle. But when you’re a senior, it’s tough to pivot,” Powell said.
Looking back, Powell labored for the federal government until subsequently abandoning her employment seventeen years ago to devote herself to a role of caregiving for her family.
“I took an early retirement because the people in my family started to get old… I didn’t want to put anybody into a nursing home. Unfortunately, I didn’t make plans for the long haul,” added Powell.
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The subsidy from the government is insufficient
According to Vivian Nava-Schellinger of the National Council on Aging, using the monthly social security check, many would be unable to meet their expenses. The director declared that federal authorities must be aware of this financial reality.
“Social Security comes up short by at least $1,000 [a month] in many locations. That’s a lot of money for an older adult,” she said.
Many elderly Americans, particularly women of color and those in lower income groups, are pressured to make do with their monthly income because they have no other way to supplement it.
While others find alternative sources of income to pay for other expenses, many elderly Americans are left with no choice but to do so. This is hugely troubling given their older years, when their bodies can only withstand so much. Others are compelled to re-enter the workforce due to market prices, which only continue to rise.
According to a new poll by employment portals, many older folks returned to work this past year. The majority of those returning to the workforce are between the ages of 55 and 64, said Nick Bunker, director of economic research at Indeed.
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Health conditions make matters worse
Due to their bodies’ diminished functionality, many people experience a slump when they rush back to work. Being in poor health makes it difficult to work, which makes it difficult to thrive in busy, demanding workplaces.
“Just a couple of months ago, I had to file bankruptcy,” stated John Harriger, 66, from Virginia.
“I get about $1,800 a month [from Social Security], but… when gas and groceries started going up, I couldn’t make it anymore. We were using our credit cards to buy our gas and our food,” he added.
“You can… connect health outcomes and financial outcomes because they are completely linked in so many ways,” stated Emily Allen from the AARP Foundation.
A researcher at the W.E. Upjohn Institute for Employment Research, Beth Truesdale, said, “Compared to other rich nations, poverty rates among older adults are higher. The reason that the current inflation pinches so hard for so many older adults is so many older adults are already living on very little.”
Source: CNN
