Seniors have less money despite Social Security increase

#Middlebury #Seniors

I’ll be worse off financially this year, despite the Social Security increase we just received. I won’t be the only one.

For the average recipient who receives $1,460 per month, that 1.6% increase equates to a gain of $23.36 per month. Medicare went up $9.10 to $144.60, so that drops the extra cash to $14.26.

Except my Medicare supplement went up $42 and the drug plan went up as well. Rent went up $20 per month, justified by management with the “big increase” in Social Security we all got.

With so many of us in the same situation, we need to think of ways to save money. Here are some ideas:

• If you take a daily newspaper and pay for it by the month, calculate whether you’ll save money if you pay for it by the year. If you have a tablet, ask if they offer a digital subscription at a lower rate. Making yearly payments might also work for your car or homeowner insurance.
• Call the local food bank about getting free food. Don’t worry about running into someone you know. Just make the call. Whatever you get from them you won’t have to buy at the store.
• Check into “senior helper” groups in your area. These are people who volunteer to take care of home repairs for free, instead of paying a plumber $150 per hour.
• If you have a credit card, make payments on time. Check AARP’s member discounts. Buy at Goodwill. Ask for lower prices. Buy generic groceries. Get serious about clipping coupons. Ask about senior discount day.
• If you love movies, consider that the price of Netflix for one month is the same as seeing one movie at a theater.
• Check online for a FreeCycle in your area (freecycle.org) and get things you need or want for free.
• And always, always ask for your senior discount.

© 2020 King Features Synd., Inc.