Part 5/7:
- Insufficient Retirement Savings: The financial burdens faced by many older adults have been exacerbated by inadequate retirement savings. Those who planned cautiously, possibly using conservative models, may now find themselves short due to unforeseen high inflation.
The Cost of Living
Retirees face unsustainable living costs, with essential expenses such as groceries, housing, and medical care significantly increasing. These pressures often lead many to rely on credit cards as a means to bridge the gap, creating a vicious cycle of debt accumulation that is difficult to escape.