mickeyd
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If you happen to know any old folks, you may want to pass this article on to them.
Inflation-Hits-Hard-When-You-Can-Least-Afford-It: Personal Finance News from Yahoo! FinanceMake no mistake: A dollar doesn't go as far as it used to. That's true for all Americans, but the loss of purchasing power is especially insidious for Americans aged 62 and older. This group lives between the proverbial rock and a hard place: Fixed incomes plus inflation that tends to run a bit faster than that for the general population.
Fortunately, there are some solutions to the problems faced by older Americans who feel squeezed by the ever-rising cost of living.
But first some background: Inflation for older Americans rose on average 3.3% over the 25 years from December 1982 to December 2007, according to the U.S. Labor Department's Bureau of Labor Statistics' experimental consumer price index (CPI-E), an index designed to track the cost of living for those aged 62 and older.
By contrast, inflation rose just 3% according to the CPI-U, the index that tracks the cost of living for all workers. To be sure, it might not seem like a lot, but over time, that difference can add up, especially if you're living on a fixed income. Consider: $1 in 1983 was worth just 44 cents in 2007 for those 62 and older, compared with 47 cents for all other Americans.