Inflation Crisis Hits Senior Citizens Hard as Social Security Adjustments Fall Short

The impact of inflation on senior citizens has become increasingly dire as many struggle with rising costs despite annual cost-of-living adjustments for their Social Security benefits. While seniors typically receive an increase based on inflation each year, many are finding that the increases fall short in covering increasing expenses, particularly regarding food and housing. According to a report from The Senior Citizens League, senior citizens often rely heavily on fixed incomes with 42% of elderly women and 37% of elderly men relying on Social Security for at least half their income. This has led some seniors to dip into emergency savings or carry debt on credit cards while others turn to assistance programs to help cover expenses such as rent, utilities, real estate taxes, and healthcare costs. The league’s executive director Shannon Benton stated that many senior citizens are suffering financially due to unrelenting inflation for the past couple of years with food being a particular pressure point since groceries have risen by nearly 33% compared to January 2021 when President Joe Biden took office. As prices continue rising, more seniors may be forced into this financial predicament. This could potentially weaken some senior citizens’ support for Biden as the annual adjustment is released in mid-October just weeks before the election and early voting has already begun in certain states. While polls show that older voters are split between President Joe Biden and his predecessor, former President Donald Trump, this group remains a reliable voter base for both candidates due to their higher share of elderly residents compared to other swing states such as Pennsylvania, Arizona, Michigan, and Wisconsin. As inflation continues affecting seniors’ financial well-being, it could potentially harm Biden among senior citizens who place more importance on the economy and inflation when making voting decisions according to political science professor Marty Cohen from James Madison University.