Food stamps, credit card debt: Record high inflation forces some older Americans to make tough financial choices

According to a recent survey from The Senior Citizens League, record high prices are putting financial security at risk for many older Americans.

Almost all of the people who took the survey relied on Social Security as a source of income.

The survey found that half of respondents ages 55 and up have spent emergency savings in the past year due to high inflation.

More than half of the people have visited a food pantry or applied for benefits from the program. 42% of people carry debt on a credit card for more than 90 days.

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Applying for assistance with home heating or cooling costs, draining a retirement or savings account, drawing down more retirement savings than usual, and applying for a Medicare Savings Program or Medicare Extra Help are some of the steps survey respondents have taken.

Credit card interest rates are expected to go up after the Federal Reserve raised interest rates. Older Americans who have taken on more debt may not be helped by that.

Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League, said that people with lower savings are more likely to take on more debt to pay their bills.

Social Security beneficiaries saw the biggest boost to their benefits in about 40 years.

The Senior Citizens League thinks the cost of living will be 8.6% next year.

Beneficiaries who are watching their pocketbooks will be affected by how high Medicare Part B premiums are in the future. The cost of covering Alzheimer's drug Aduhelm has led to a 14.5% increase in the standard monthly premium.

The cost of the Alzheimer's treatment has been cut in half, prompting government officials to indicate they may adjust Medicare Part B premiums next year.

Johnson said that older Americans may try to keep working.

More than 70% of Americans plan to work in retirement, according to a survey. Basic living expenses, followed by the desire to stay busy, and to keep active and in good health were the top reasons cited.