A new survey conducted by The Senior Citizens League has found that 2011 may be difficult for retirees who depend on social security for the majority of their income, as 44 percent of older adults are now receiving smaller checks than at this time last year. This comes at at a time when many are dealing with even higher costs of living.
A quarter of seniors said that they were receiving $50 less a month than in 2010, while one in nine reported getting $100 less.
Meanwhile, many expenses are still increasing - 61 percent of seniors estimate that they will spend $80 more this year than last.
Much of the problem stems from the increased Medicare Part D and Advantage premiums.
In most cases, these are automatically deducted from Social Security checks. Additionally, the Cost of Living Adjustment, which traditionally changes with inflation, has remained at the same level for the past two years.
This could make retirement living especially frugal this year and may put a greater strain on caregivers who are providing home care to a senior. The New York Times suggests that those who are planning for their own retirement may want to invest in longterm care insurance to offset the future costs.