Retirees are getting hit by rising prices. Here's what will soften the blow

Those senior citizens found themselves paying more for essentials, while earning next to nothing on their savings and getting a monthly Social Security check that rose by just $20 on average this year. That annual cost of living adjustment by the Social Security Administration was based on inflation growth from the third quarter of 2019 to the third quarter of 2020. But that rearview adjustment didn't account for the pandemic-induced inflation spike that occurred this year. In an email survey of retirees, the Senior Citizens League found that the vast majority (86%) said their expenses this year grew by more than $20 a month, with 40% saying they'd grown by more than $100, said Mary Johnson, the League's Social Security and Medicare policy analyst.