Getting your household budget headed in the right direction after more than two years of historic inflation is priority number one for retired Americans and TSCL. Roughly half the participants in TSCL’s most recent Senior Survey, 53%, are worried their cost-of-living adjustment (COLA) this year would still fall short of inflation. That’s because their household costs in 2022 rose more than the 8.7% COLA-boosted Social Security income in 2023.
In 2022, food costs topped the list as the fastest-growing costs for 63% of our survey participants, with housing costs topping the list for 20% of senior households. While there are signs inflation is moderating, surprise price hikes have made for a bumpy ride back to more reasonable prices. That’s why TSCL put together this special issue of The Social Security & Medicare Advisor with tips and ideas on how to make the most of your retirement income, get more for your money, and avoid wasting scarce resources.
We hope you can use a few of the ideas you find here to lower costs and live better in retirement.