Living on Fixed Income During Inflation

Inflation has been in the news every day for over a year and with the soaring prices on pretty much everything needed for day to day life, living on a fixed income has become harder and harder.  Social Security increased benefits with a Cost of Living Adjustment for 2022 by 5.9 percent but this number falls way short of the 8% inflation experienced by consumers.  There was also a 14.5% increase in the Medicare Part B premiums this year.  All of this added together does not show a pretty picture to anyone living on a fixed income, so we looked for some tips on how you can try and save some money living on this fixed income.

Never forget to try and use your AARP card with any purchase you make.  These include cell phones and cell phone plans, insurance coverage and food.  Also, many credit cards offer rebate deals where you can receive cash back on purchases that many seniors do not know how to take advantage of due to them being tied to apps on your phone or computer.  This may require getting a little help from the grandkids but it is well worth it.  Most every credit card earns points that can be converted to cash to help pay balances or receive the money back into your account.  Just be sure to not carry these credit card balances for a length of time as the interest rate on this money would be counterproductive.

Other things you can try is using a window air conditioner instead of a heat pump to cool the whole house which may save on energy bills or even open windows to try and get a cross breeze in your home to help cool down on hot days ahead.  There are also local nonprofits and churches that offer a variety of assistance to people in need.  MEOC has a program called Senior Cool Care which distributes a limited number of air conditioners who need one but this program has already started and it is on a first come, first serve basis. 

There are many more tips online like waiting to retire, purchasing store brands, and even ways to invest in bonds to help curtain the loss during inflation.  Either way, it is hard for everyone living on a fixed income but using a good plan and sticking to it will be key in getting through this tough time.

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