“American Seniors Feeling the Inflation Heat”

“American Seniors Feeling the Inflation Heat,” by Lynn Brackpool Giles, 401K Specialist

 

Quote:

“Add senior citizens to the list of Americans who are starting to experience the impact of rising inflation in retirement. The uptick in the cost of living and other economic factors is taking its toll on seniors, adding to their concern about making retirement dollars last, according to a new report from American Advisors Group (AAG), a reverse mortgage lending service. Economic inflation is the top worry with 66% of seniors worrying that it will have a negative impact on their retirement. And widowed or divorced senior women answered at the highest rate with 72% expressing concern. Additionally, 19% of seniors said that COVID-19 pandemic has affected retirement planning.”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

What a shame if the inflation tax consumes seniors’ home equity just to cover their living expenses when they’ll desperately need that resource to fund their long-term care after the bottom falls out of Medicaid.