Inflation rates are decreasing, but the cost of living for Social Security recipients continues to rise.
The Senior Citizens League reports that nearly half of Social Security recipients continue to rely on monthly checks to survive. “About 50% of senior households depend on Social Security as the difference between [staying out of] poverty,” said Alex Moore, Senior Citizens League Social Security and Medicare statistician.
A 2021 report conducted by the Social Security Administration (SSA) reveals that 33% of Black and Hispanic people make up the amount of adults over age 62 who currently rely on Social Security due to lack of other income during their retirement years. On the other hand, 16% of their white counterparts count on the government-led program for their livelihood. Moreover, minorities are often responsible for taking care of others in their household, thus, making the need for Social Security more dire than others.
Living on a fixed income means that…
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