North Kent News

As inflation continues to be a nation-wide problem, retirees are being adversely impacted. Seniors in every state who are on a fixed income are very vulnerable to increasing prices in food, gas, and utilities, causing them to make everyday lifestyle adjustments in order to afford their cost of living.

It is estimated that 56 million Americans are over the age of 65 and in this vulnerable group. Many of these seniors live on fixed incomes and have only a small amount of savings to pay for their monthly costs. This uncertainty can last for prolonged lengths of time.

“Any small change in circumstance — rising prices, a medical emergency — can throw an older person’s budget completely out of whack,” Jan Mutchler, director of the Gerontology Institute, told The Washington Post.

The institute estimates that half of seniors living alone are living on $27,000 a year or less. Studies also reveal that homelessness and food bank use are increasing amongst seniors. Business analysts have also shown alarm about conditions for seniors.

"Are the retirees going to un-retire? This is going to answer it, and the answer is yes," Rick Santelli, an editor for CNBC's Business News network, said on April 1. 

A March 10 report from the Bureau of Labor Statistics showed matters to be growing even worse. They reported a 7.9% increase in the Consumer Price Index from February of last year, the biggest jump recorded in 40 years. The report also said that Detroit saw an inflation rate of 1.1% over the past two months, with a 1.8% increase for food, a 2.5% increase for energy and in all a 7.8% increase in the Consumer Price Index in the city. 

On March 18, in order to address these issues, Michigan Governor Gretchen Whitmer outlined her policies in The More for MI Money Plan, which expands on proposals made during her 2022 State of the State address. The plan is to eliminate the retirement tax for seniors.