How has Inflation Impacted Seniors?

          It is no secret that the latest inflation has had a significant impact on our wallets. Inflation can cause the value of money to decrease over time, which leads to a decrease in purchasing power for consumers. For retired seniors, this can be particularly straining.

Inflation Impact on Seniors

            Over the last few years, the prices have risen at record rates. Things such as gas, food, and housing have all seen skyrocketing increases. According to the latest report from the U.S. Bureau of Labor Statistics, prices have risen by 9.1% over last year, the largest increase in over 40 years (U.S. Bureau of Labor Statistics, 2022). As a result, seniors are finding themselves with less money to spend on things that they need or simply want.

Here is a look at some other costs and their 12-month Percentage Change:

• Food Costs 10.4%
• Motor Fuel 60.2%
• Electricity 37%
• Transportation 8.8%
• Motor Vehicle Parts 14.9%

Housing

Along with inflation, another area that seniors are finding particularly challenging is housing. As Americans retire, many find themselves with houses that are just too big, and with the current housing market seeing huge returns, it makes sense for them to place their homes on the market. And while many are seeing large profits from these sales, seniors may be wondering if now is the right time to choose retirement living.

The Bright Side

At Preston Pointe, we too have seen increases in many of our costs. Subsequently, we have also had to raise our rates to keep up with these economic trends. However, due to our efforts and cost-saving measures, we have been able to keep our increase at only 3%, far below the national average of over 9%. As good stewards of our financials, we have taken several measurable steps to keep our costs low:

• We routinely review the costs of our raw materials such as food, plastics, and supplies to look for ways to cut costs without cutting on quality.
• We have worked to streamline many of our processes to reduce unnecessary expenses while remaining focused and committed to our residents and the level of service they have come to expect.
• Due to these efforts, we have kept our costs as low as possible while maintaining our high-quality standards for our residents.

At Preston Pointe, we have worked diligently to pass these savings on to our residents. Many seniors are finding that choosing a retirement community is the most cost-saving measure they can make. Our rent is all-inclusive, reducing the number of monthly bills to keep up with. There are no surprise fees, ever.

Ready to see if Preston Pointe is for you? Click here to schedule a tour today!

Source 

U.S. Bureau of Labor Statistics. (2022). TED: The Economics Daily. Retrieved from U.S. Bureau of Labor Statistics: https://www.bls.gov/opub/ted/2022/consumer-prices-up-9-1-percent-over-the-year-ended-june-2022-largest-increase-in-40-years.htm