The Social Security Administration is expected to announce the 2024 Social Security cost of living adjustment in October.
In the same poll, just 9 percent of respondents said their costs remain the same as a year ago and 7 percent said they were lower. Johnson said the attitudes expressed are not that different from when seniors are polled when inflation is between 1-2 percent.
"Older adults spend roughly half of their income on housing," she said."The needs of the oldest for long-term care and the lack of Medicare coverage for those services makes finding affordable housing particularly difficult for the oldest and sickest seniors." Retirement preparedness also plays a role, as just 15 percent in that poll cited feeling confident in having enough money to live off the rest of their lives.via phone that higher interest rates imposed by the Fed could be a good thing for seniors if they invested different income streams as part of their retirement—notably back when such rates were closer to zero.
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