“A lot of seniors do not know what’s coming down the pike… When they hear (about it) they’re going to be upset,” said U.S. Sen. Bernie Sanders (I-VT).
Sander’s statement refers to last month’s projection by the Social Security trustees that there will not be a cost of living adjustment (COLA) for the next two years. While historically a small amount, each Social Security cost-of-living adjustment is a big deal for America’s senior citizens.
Seniors living on a limited, fixed income face multiple financial decisions several times each day. Most revolve around what food is available to eat that day and what household utility bill payments they have to juggle each month in order to have something to eat.
In a growing number of cases, “three squares” is a long-gone practice that’s no longer possible. Rent, taxes and personal health-care expenses are other living cost drivers.