New Study Shows High Cost of Living for Senior Citizens

July 26, 2022, 5 p.m. ·

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Fixed payments like Social Security are falling short of supplementing the cost of living for many seniors

Recent economic hardships have been hard on everyone, including the nation’s growing elderly population.

According to a University of Massachusetts-Boston study, Nebraska places 30th in a ranking of cost of living for people over 65. The report also said nearly 50 percent of all senior citizens nationwide have a hard time paying for basic necessities. Randall Jones, director of Aging Partners in Lincoln, said recent inflation has made financial hardships even harder.

“When we think about the stressors we all face when it comes to the increased cost of living, they’re the same stressors that seniors have. In most cases those seniors are on fixed income, so their income doesn’t rise to the occasion,” he said.

Molly Stolz, benefits counselor at Aging Partners, said social security benefits did see a hike this year, but much of those bonuses were eaten up by insurance premiums also rising. Both Stolz and Jones said people should check in on elderly people in their lives and ask if they need financial help.

“This population is very resilient, they’ve been through challenges like this in the past. They have very positive attitudes they’re going to get through this, but they may not be telling others when they need help,” Jones said.