It's hardly a secret that inflation has been wreaking havoc on consumers for well over a year. And while the Federal Reserve is doing its best to combat inflation by hiking up interest rates aggressively, we don't know when the cost of living will start to come back down.

As such, these days, many people are having a hard time making ends meet, and that extends to retirees on a fixed income. In fact, many seniors get the bulk of their retirement income from Social Security. And while those benefits did get a 5.9% cost-of-living adjustment going into 2022, the rate of inflation has well outpaced that boost, leaving seniors at a clear disadvantage.

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Source Fool.com