As if the pandemic hasn't been hard enough on retirees, those living on low to moderate incomes have been hit with the one-two financial punch of rising inflation and low interest rates.
As if the pandemic hasn't been hard enough on retirees, those living on low to moderate incomes have been hit with the one-two financial punch of rising inflation and low interest rates.
Those senior citizens found themselves paying more for essentials, while earning next to nothing on their savings and getting a monthly Social Security check that rose by just $20 on average this year. That annual cost of living adjustment by the Social Security Administration was based on inflation growth from the third quarter of 2019 to the third quarter of 2020.But that rearview adjustment didn't account for the pandemic-induced inflation spike that occurred this year.
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