Almost 55% of Senior Citizens will remain sceptical of the rising costs this year, despite the fact the rate of inflation is trending downwards. Virtually the same proportion of respondents said that in 2022, their household costs rose by more than the 6% of the increase in benefits from that year. As to whether 2023 will be the year in which seniors catch up with inflation, an overwhelming 96% of survey respondents don’t think so. On a political note, 62% of the respondents think Congress should protect Social Security and Medicare benefits from delays or automatic cuts that could result from a failure to raise the federal debt limit.
Will Senior Citizens be able to keep up with the inflation rates?