Inflation putting the squeeze on seniors, but help may be on the way
NANUET, N.Y. -- Tuesday's wipeout on Wall Street came after worse-than-expected inflation data.
The 8.3 percent hike in the consumer price index is especially bad news for seniors living on fixed incomes.
CBS2's Tony Aiello has more on their struggles, and a sign of hope some relief may be on the way.
READ MORE: Inflation hitting consumers' day-to-day expenses, from groceries to utilities and rent
Some Rockland County seniors say it is a numbers game with inflation, and they feel like they are losing.
"The seniors on fixed income are really hurting," retiree Mary Kane said Wednesday.
Kane gets by mostly on Social Security. Her small food workers' union pension hasn't increased since 2004.
"It's enough to pay the utility bill. That's about it," Kane said.
Like many of her friends at the Clarkstown/Pearl River Senior Activity Center, inflation's impact is most felt at the grocery store.
"You can't afford to buy what you're supposed to buy. You cut back on fruits, you cut back on vegetables, cut back on meat, because meat's really excessive," Kane said.
Across from the social hall is the Meals on Wheels prep kitchen. Guess what's driving demand for nutritious meal delivery?
"Absolutely, inflation has played a roll in seniors needing the meals. Being able to buy and cook that healthy food is very, very difficult," Meals on Wheels' Sharon Martini said.
"All around, they are feeling the pinch," co-worker Jeanette Suarez added.
Suarez is working with an increasing number of inflation-stressed seniors in search of assistance.
"They're relying on family if they have to. They don't want to bother their adult children. And so, they're trying to find out what they qualify for," Suarez said.
There may be some relief on the horizon. A leading advisor to Social Security is recommending an 8.7 percent cost of living adjustment for next year, the biggest increase in monthly payments in 40 years.
That would result in an extra $144 per month for the average Social Security retiree.
The final cost-of-living adjustment will be announced in October.
A little help in the inflation numbers game.