‘This is not the retirement I envisioned.’ How retirees are getting hit by inflation

Managing one’s finances in retirement is always tricky. But with inflation pushing up the price of everything from gas to housing to eggs, many retirees are cutting back or eliminating certain costs altogether.

CNN Business spoke with several retirees about how they have been managing their spending as prices have risen. One common refrain was the shock of dealing with the huge jump in food prices — especially on meat, fruits and vegetables.
Food prices have seen their largest annual increase in 41 years. And the cost of groceries jumped 10.8% between April 2021 and April 2022. But of course, inflation’s reach goes far beyond the supermarket. Here’s how these retirees say they are coping.

If it weren’t for a local food bank truck that comes to her apartment building every two weeks, retiree Donna Lyons of Fort Collins, Colorado, said she might not have sufficient food for the month. “I’m very, very reliant on [the food bank]. … It is a true blessing,” said Lyons, 67, who moved to Colorado from Pennsylvania in 2020 to be closer to her two children and grandchildren. She gets by for now on her Social Security checks and the pension she receives for decades of work in secretarial and event-security roles in Pennsylvania’s education system. But come September, her rent will be increased by $200 a month — a 14% jump over what she pays now. And Lyons estimates that at that point, after paying for rent, taxes, insurance, medications and utilities, she’ll only have $150 a month left over to pay for groceries and incidentals.