You know it costs more to just live these days.
A trip to the grocery store to stock up on the basics — say milk, bread, eggs, some ground beef and chicken breasts to cook a couple meals, and some cheese, cereal and yogurt ― will set you back more than it did just a few years ago.
In fact, you’re paying about 25 to 35 percent more than you were compared to pre-pandemic levels, according to data from a Forbes study. The study found that a typical bag of groceries that would have cost you $47 just six years ago now costs about $73. And the problem is, it doesn’t appear there is any relief in sight.
For most people in this country, affordability is a real issue. And for many senior citizens, they are getting hit the hardest.
In fact, many seniors are coming out of retirement due to the increased cost of living. A study from AARP published earlier this year found of the retirees returning to work, 48 percent said the primary reason is to make money, with 41 percent saying their main reason is to afford everyday living costs.
“Basic expenses are the number one reason older adults continue to work or job-hunt,” said Carly Roszkowski, vice president of Financial Resilience Programming at AARP. “With the cost of living still high and many people worried that they don’t have enough saved for retirement, the trend of older adults working longer will likely continue.”
In addition, nearly a quarter of older workers say they are worried about losing their job within the next year. Sixty-seven percent of older workers say it would be difficult to find a job right now, and 35 percent say age discrimination is the main reason for their expected difficulty in finding a job.
Financial security and health issues are the two top drivers of retirement. For those who cite health issues, many cannot physically return to the work force. This leaves these seniors in a vulnerable position during an affordability crisis, as they don’t have a way to make additional income.
In addition, everyday necessities such as groceries, gas and utilities aren’t the only driver forcing seniors to worry about their fixed income. AARP also notes that affordability is also a big problem when it comes to long-term care for many middle-class seniors.
The cost of private pay long-term services and supports, which are services designed to help individuals remain independent and in their own homes or communities — so think home health aides and nurses, adult day programs, respite care for family caregivers and home modifications such as handicapped accessible showers and wheelchair ramps — increased dramatically between 2019 and 2024. Some of these costs increased by almost 50 percent over that 5-year period.
Not to mention, have any of you recently looked into assisted living prices for your aging parents, a grandparent or a loved one? Then you also know what I’m talking about.
And before you say, “Just have your aging parent or parents move in with you,” know that’s not realistic for so many families for so many reasons. Whether it’s the proximity, financial constraints, space constraints, various logistics and a myriad of reasons.
Other countries have instituted long-term care planning into their universal health care systems. For example, in Japan people over the age of 40 pay into a mandatory long-term care insurance system. Singapore has a similar system. The Netherlands, Canada and the United Kingdom have various long-term care systems paid through their taxes. Yet in the United States, it’s still a patchwork system that relies on your insurance — if your insurance covers it — and private pay, which most Americans cannot afford. And our seniors are paying the price.
It should be clear that affordability isn’t a made up concept. The affordability crisis in America is real, and it’s affecting millions of Americans, especially our seniors. And with more Americans living longer these days, what’s going to happen to this vulnerable population?
It seems like there’s no one actually listening.
Rachel Brougham is the former assistant editor of the Petoskey News-Review. You can email her at racheldbrougham@gmail.com.
This article originally appeared on The Petoskey News-Review: The affordability crisis is hitting seniors hard | Opinion
Reporting by Rachel Brougham, Community Columnist / The Petoskey News-Review
USA TODAY Network via Reuters Connect
By Rachel Brougham, Community Columnist | USA TODAY Network
