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Soaring inflation eating away at Americans' retirement savings
Inflation is hollowing out the economy: Jonathan Hoenig
CapitalistPig hedge fund manager provides insight on the state of the economy on ‘Kennedy.’
Rising prices are squeezing household budgets across the country, but the hottest inflation in four decades has been particularly burdensome for older Americans.
That's because many of country's 56 million residents age 65 and up are relying on a fixed income and limited savings – and need to maintain their same level of purchasing power to cover monthly expenses for a prolonged period of time, according to Mary Johnson, a Social Security analyst for the Senior Citizens League.
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Half of older adults who live alone did not have enough money before the pandemic began to cover basic needs, according to the Elder Index, a cost-of-living measure created by the Gerontology Institute at the University of Massachusetts at Boston. The rapid rise in inflation is further weighing on those individuals.
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