February 12, 2021
If a senior or a senior couple is relying on investments and savings such as Social Security or pensions to augment income, and for various reasons those retirement accounts did not produce the anticipated results, many seniors find themselves in a bind in their later years where they are unable seek employment to make up the difference.
Income might also not be keeping pace due to an unwanted accumulation of debt, particularly credit card debt. For whatever reason, banks have been particularly liberal about issuing credit cards to older individuals who may not have the capacity to service debt. The debt may have been necessary because of a major home repair, or unforeseen high medical bills, or because of a bad investment due to unreasonable expectations, or exploitation from those who prey on the poor decision-making of seniors. Servicing debt is a major drawdown on income.
Another major factor for inadequate funds could be that income flow from year-to-year is not keeping pace with inflation. This is particularly true for seniors on Social Security or fixed pensions who must pay for the high cost of medical care. The cost of seniors’ medical care, due to aging, increases faster than yearly increases in Social Security. Also, in some areas, the cost of maintaining a household due to higher utility bills, higher taxes and higher maintenance costs rises faster than the cost-of-living adjustments in Social Security income. The latest yearly increase in social security income was a mere 1.3%.
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