Helen Levy discusses how inflation affects retirees on fixed incomes

March 25, 2022

In a Washington Post article, Helen Levy discusses the financial strain inflation has put on Americans aged 65 and up, many of whom live on fixed incomes and have limited savings. Programs the government put in place to mitigate the bad economic effects of the pandemic, such as enhanced unemployment benefits and expansion of the child tax credit, did little to help older Americans. Helen Levy says, “Those emergency relief measures were very effective in helping families with children, but irrelevant for retirees. There isn’t an immediate mechanism to help seniors deal with real-time price increases. When inflation is rising rapidly, like it is now, people who rely on Social Security don’t have a whole lot of flexibility.”