Even in a time of higher interest rates and rising inflation, the U.S. economy is receiving a boost from an unlikely source. The Wall Street Journal reports citizens aged 65 and above account for a record share of consumer spending. Older Americans are one segment of the growing population, and they’ve decided to enjoy the freedom of retirement.
Seniors make up about 17 percent of the population, but they’re providing 22 percent of consumer spending.
Among the reasons for the rise in senior spending is their desire to travel. Many dreamed of trips to take once they left the workforce. Plus, many seniors are more active in outdoor activities such as biking or hiking. The COVID pandemic and its resulting fatalities likely convinced older Americans it was time to live a little more now.
Senior Life Should Be Fulfilling
Additional retirement income gives older Americans more freedom to enjoy their golden years. That’s why Council of Seniors is working hard to get Congress to pass The SAVE Benefits Act. You need this bill because the annual Social Security cost-of-living adjustment (COLA) has been inadequate over the years. If we succeed, seniors will be reimbursed the $581 missing from their benefit.
Please sign our petition without delay. Work with us to give Washington politicians the needed wake-up call about how many Americans support this bill.
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