As inflation and rising prices for basic necessities such as food and housing have put a strain on the finances of many older adults in the U.S. over the past years, a significant number have found themselves dipping into emergency savings, accumulating credit card debt, or applying for assistance programs.
According to the Senior Citizens League, a nonpartisan advocacy group, inflation has eroded 36% of Social Security's purchasing power since 2000, making it increasingly difficult for retirees to maintain their standard of living when receiving such funds.
