Eagle Valley Times

Inflation continues to be a problem in Nevada and across the nation and seniors living on a fixed income are especially vulnerable to rising prices of food, gas, and utilities, causing them to make changes to their daily lifestyle in order to even afford the basic cost of living.

While soaring inflation squeezes Americans' household budgets, an additional strain is being placed on an estimated 56 million residents aged 65 and up, according to The Washington Post. Many of these seniors rely on fixed incomes and limited savings to cover monthly costs for prolonged and unpredictable periods.

According to the Elder Index, a cost-of-living measure created by the Gerontology Institute at Boston's University of Massachusetts, about half of older people who live alone are struggling to get by on less than $27,000 a year — or the bare minimum for a single renter in good health to cover expenses.

“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 institute, told The Washington Post.

The Washington Post reports that homelessness among seniors is rising rapidly and is expected to triple in the next decade, according to a recent study led by researchers at the University of Pennsylvania. Meanwhile, food banks are reporting increased demand from retirees, particularly grandparents raising grandchildren.

Rick Santelli, an editor for CNBC's Business News Network, emphasized on April 1 that inflation is hitting retirees right in the wallet: "Are the retirees going to un-retire? This is going to answer it, and the answer is yes."

On March 10, the Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) data for the 12 months ending in February 2022. The data showed a 7.9% annual increase, a 40-year high.

According to the BLS, prices in the Midwest region, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), advanced 0.9% in February. Over the last 12 months, the CPI-U rose 8%. Food prices increased 9% and energy prices jumped 24.4%.

According to Consumer Affairs, on average, 15.4% of Nevada's population is 65 or older.