According to a Clever recent survey, 33% of seniors are concerned about the cost of groceries. The statement by the Social Security Administration that 70 million retirees will receive a 5.9% boost next year is excellent news.
Higher consumer price index
The yearly cost-of-living adjustment will enhance the payments of more than 64 million Social Security recipients beginning in January. The decision by the Social Security Administration follows yet another higher-than-expected inflation report, with prices climbing by 5.4 percent on an annualized basis. The Consumer Price Index increased by 0.4 percent on a month-to-month basis, and Americans are becoming increasingly concerned about the long-term implications for their financial stability, NBC News reported.
Kevin Linehan, 68, a retiree in Fitchburg, Massachusetts, is concerned about rising inflation. Linehan left the Postal Service early after suffering a heart attack at the age of 44, choosing a reduced disability retirement pension. Despite the challenges of living on a low income, Linehan, an Air Force veteran, acquired government-subsidized housing for less than $500 per month through Veterans Affairs. The rent is very consistent from year to year, with annual adjustments based on his salary, CNBC reported.
Make your supermarket expenses reasonable
If you’re in a similar situation, here’s how to save money on groceries and make your grocery expenditures more reasonable.
Ascent shared that the majority of supermarkets have weekly sales. If you’re retired, you may have more time on your hands to plan ahead of time and take advantage of sales. Furthermore, if you’re not attentive, buying in bulk can backfire. However, if you’re picky about which things you buy in bulk, stocking up on large quantities of specific necessities might save you a lot of money.
Another strategy to save money on groceries is to make vast amounts of food. However, this technique necessitates meal planning ahead of time. However, if you’re ready to take that path, you might be able to save money on food and use it for other things. Don’t forget that the correct credit card can help you save money on groceries by putting extra money in your pocket for such expenditures.