Rising Energy Costs and the Effects on Senior Citizens and Those on Fixed Incomes
As prices surge in nearly every sector and area of the American economy due to inflation, the burden of these costs are having major effects on some of the country’s most vulnerable populations. Senior citizens and people on fixed incomes are struggling to get by as many only have a limited amount of revenue, mostly from their social security benefits. Unfortunately, it all ties in to the state of everything becoming more costly, which is also the result of higher energy costs.
How are the effects of energy costs impacting senior citizens and Americans on fixed incomes?
To explore this subject on the “Gasonomics” podcast, host Tim Snyder interviewed Jim Blythe, a certified senior advisor and mortgage expert, on how costs are challenging people who are seniors and retirees, and where the outcome of this situation could be headed.
The two also talked about social security income and how many retirees normally rely on it because it is their sole stream of income. Blythe also indicated that there is a lack of information regarding other social programs and vouchers that some seniors and veterans can qualify for but lack the knowledge to successfully apply.
“The biggest problem with a lot of veterans -– they do not know what benefits they are entitled to; most people don’t understand that 95 percent of the people in the United States on retirement only have social security. I’ve never had anybody argue with me over that,” said Blythe.
Snyder and Blythe also discussed:
- The politics surrounding inflation and how that impacts rising costs.
- Types of issues that seniors are being faced with.
- A breakdown of how energy costs trickle down into affecting everyday life.
“People have to wake up. Everything we buy has to be transported. Everything we buy has to be packaged with plastics. Everything we buy goes through a system. All of the food we eat has to be planted, harvested, and shipped, and all of the equipment uses basically diesel, correct? The mass majority of all of our mail goes in on aircraft. How much has jet fuel gone up? So, everything is going up dramatically,” added Blythe.
Jim Blythe is a certified senior advisor, mortgage expert, and real estate professional. He is also a U.S. Navy veteran, having served three combat tours of duty and even served with the late U.S. Senator John McCain. Blythe was also a broadcaster for CBS news in Dallas, Texas and is an ordained minister and chaplain with Chaplain Fellowship Ministries. He is also a graduate of the University of Texas.
