Food stamps, credit card debt: Record high inflation forces some older Americans to make tough financial choices

Key Points

• Older Americans have been forced to make some tough financial choices amid record high inflation.
• That includes spending emergency savings, seeking food assistance programs and taking on credit card debt, a recent survey finds.
• Some relief may possibly come with the Social Security cost-of-living adjustment and Medicare Part B premiums for next year.

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For many older Americans, record high prices are jeopardizing their financial security just as they approach or live in retirement, according to a recent survey from The Senior Citizens League, a nonpartisan senior group.

The online survey was conducted online in the first quarter and included 3,056 participants, 96% of whom rely on Social Security as a source of income.

Seniors are spending savings, taking on debt

Half of respondents ages 55 and up have spent emergency savings in the past 12 months in response to high inflation, the survey found.

Meanwhile, 47% have visited a food pantry or applied for Supplemental Nutrition Assistance Program, or SNAP, benefits. Moreover, 43% have carried debt on a consumer credit card for more than 90 days.