GREEN BAY (NBC26) — Older adults living on fixed incomes are facing growing financial pressure as rising costs leave little room to cut back.
Elden Wheelock, 83, said the burden of rising costs has become a daily concern.
"It adds up pretty doggone quick," Wheelock stated. "So, at the end of the month, you're down to nothing."
Increased living expenses put recreation on hold.
"You can't enjoy yourself and relax," Wheelock said of retirement. "I mean, if you want to go somewhere and do something, you've got to remember how much you've got left. You used to be able to retire and relax. Now, you can't."
Many people his age are feeling the strain. Retirees often cannot take on extra work to boost their income.
"When costs rise, and your income doesn't, you have tough choices to make," said Devon Christianson, Director of the Aging and Disability Resource Center (ADRC).
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Older adults spend most of their money on necessities, explained Christianson, making cutting expenses difficult. The tough decisions add to financial and emotional stress.
Some older adults are moving in with family or delaying retirement to cope, as inflation outpaces social security.
"It's really disheartening," said Christianson.
The ADRC offers donation-based meals and free counseling to help people facing financial strain. Subsidized transportation, food pantries and benefit programs can also help those who are struggling, and ADRC counselors can provide an individualized look at other options.
"Our job is really to say, 'What of all of these multitude of resources could help reduce your expenses,'" Christianson stated, "So that you can continue to live as the other expenses increase."
