#MiddleburyCT #CostofLiving
“There are only so many big box stores around here,” said an acquaintance as we sat around chatting with our group. The topic was finances and how seniors are scrambling to stay afloat (and stay fed). Hence the interest in taking on a part-time job, possibly as a door greeter somewhere. “It’s not like we’re suitable for stocking shelves,” she said. And we all nodded.
A recent AARP survey said that 70% of us are concerned about prices going up faster than our income. If there’s one thing we’re all getting good at, it’s math. Calculation of dollars in and dollars out are second nature now, and figuring out how many sandwiches can be made from various loaves of bread is easy math.
One of the group shared the result of the most recent survey of consumer finances by the Federal Reserve Board: The average 70-year-old senior has $60,000 tucked away in checking and savings accounts. We laughed, but in a sad way as we contemplated having that much cash to rely on. But we weren’t laughing when one of the group shared that her landlord is trying to increase her monthly rent by $300.
I did a poll of our little group, with the question being: How do we survive this constant rise in prices of everything? The answers were varied. If you have a job and are thinking of retiring, keep working. Pay off all debts while you still have income, especially credit cards and cars.
If you’ve already retired, sign up for every assistance program you can, including help with utilities and rent. Use the food bank or Meals on Wheels; call about community meals at churches or SNAP benefits. Look into drug discounts, perhaps at GoodRx.
But the biggest suggestion was this: Try not to take Social Security until your full retirement age, which depends on your year of birth.
© 2024 King Features Synd., Inc.
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